Economy

By Ibrahim El-mu’azzam

It’s a very hard moment for Nigeria. It’s really unbelievable and unbearable to the extent that many Nigerians have forgotten the sweetness of life. Everything is turning from liquid to concrete. We are even getting used to it, only that we are poor in strength to withstand it.

Today, a Nigerian has taken the insecurity problem, with all its significance less valuable. The government has completely abandoned many people to their fate. It isn’t that we have removed the “in” from the “insecurity” but we are more focused on the gunmen and kidnappers that have all of us; hunger and poverty.

Everything is tough! Citizens are losing hope. To some, it’s lost already. Many prefer death than this tense navigation, in a country that we all know and believe to have excess and abundance of what is needed in terms of wealth and resources. We are very far from thinking of saving, everyone is after what he can get not even today but now.

Inflation has blocked the passage of oxygen to the lungs of Nigerians, removed food from their throats and chased away any positive thoughts from their mind. It’s onto the eyes and ears that people are seeing nothing but what suits and relieves them. The translation of this is that unlawful will be lawful, the strong will rule and the society will turn to a jungle.

Everything is drastically increasing price, and there is no control. You can buy a commodity for ₦10 and in an hour or less, it will be ₦20. Both the parties in the markets aren’t smiling, the transaction is dark as it’s done without pleasure.

Maize, rice, beans, millet, corn and even cassava are above the purchase of a common man, not to talk of meat, fish, milk or sugar. “Balance diet” has since been replaced with “living diet” in Nigeria. People today eat not to be satisfied but to retain their consciousness.

Where on earth can a Nigerian put his humble self?

Everywhere, everybody, this is the discussion, especially family men. These are usually family men with something, no matter how little, doing, what is your thought on those who will wake up in the morning without a single direction to follow?

Begging is now very normal and common, and no one questions. You will hear a person swearing that he and his family haven’t eaten for so long. Food, to pass through the throat and relieve hunger is now the problem of a Nigerian, in fact, a Northerner for that matter.

You will visit a house and come out no one will say “Please eat this”. Wives and children are no longer selecting food. It has reached to the extent that some humans are now eating the foods of animals.

I had to stop and rehear a statement yesterday when I heard someone begging people in a mosque to PLEASE BUY WHAT HE IS SELLING. He sells Qur’an and some other small Islamic books; Ƙawa’idi, Akhdari…, and similar stuff. He stood after Magrib prayer begging; “Don Allah a zo a yi min ciniki, don girman Allah”. For the first time in my life, I come across such type of begging.

I continue to ask myself, please where is the sympathy of our leaders? Where is the empathy of our producers and marketers? Where are the price-controlling institutions? Where are the leaders and where is the government as a whole? Please why are we going through this much? Who have we offended and what has been our offence? Please, are Nigerians entitled to suffering and discomfort? Where are we heading to?

It’snt long that we voted with the hope that things would be softened, pains would be relieved, and tears would be wiped, but the absolute reverse is the case. More and more terrific we are getting every day.

The government is careless. The budget has no direct aiding attention to the common Nigerians. Billions are spent on useless renovations, change of vehicles and leisure trips, but not a single unit directly for the common man of the nation.

And upon all these, one beautiful thing is that no one protested, broke any law, or did something illegal, yet. A Nigerian, as strong as he is isn’t so much complaining of the commodity prices, but the money to buy them. You will always hear; “Allah Ya ba mu abin saya”. See this extreme humbleness, humility and positivity.

To be honest, every Nigerian deserves an award of commendation. We have been navigating through a tough situation with increasing anger and frustration, yet quiet, peaceful, and even managing a fake smile. Weldone fellow countrymen, it’s getting over, it’s getting better, soon by the grace of God.

We urge, with a very loud voice, every Nigerian leader, scholar, producer, marketer, and every other stakeholder to remember that he or she will be accountable for this before God. He or she shall be fully responsible for the dying Nigerians, especially those who have what to do but chose not to do it.

Every stakeholder, from community leaders, councilors, religious figures, schoolers, elders, marketers, and others at the community level, moving to the local, state, to national level, this is the task now! People, move to them. Disturb them until we get their attention.

The government should as fast as possible intervene in these ravaging problems and provide solutions. Aid and humanitarian activities should be given extra priority under trusted custodians. If there is a need, I believe Nigerians will agree to the relocation of any project fund to address this problem. The government should reconsider its decision on the removal of fuel subsidy and all other subsidies it is removing. Nigerians are dying! Focus on Nigerians, focus on their condition, Nigeria will be better. PLEASE ITS URGENT!

Ibrahim El-mu’azzam
elmuazzammail@gmail.com

By Sabiu Abdullahi

The Federal Competition and Consumer Protection Commission (FCCPC) took decisive action on Friday by sealing Sahad Store, a prominent supermarket located in the Garki area of Abuja.

The commission cited the store’s lack of transparency in price fixing as the reason for the closure. 

This development comes just a day after President Bola Tinubu announced plans to address factors contributing to the ongoing food crisis in Nigeria.

Following a meeting with state governors, security agency heads, and ministers at the Presidential Villa in Abuja, Minister of Information and National Orientation, Mohammed Idris, revealed that a committee would be established to combat product hoarding. 

According to Idris, some traders have been accused of hoarding food products, exacerbating the challenges faced by Nigerians.

He emphasised the need to ensure that essential commodities are readily available to people at fair prices. 

The enforcement team from FCCPC, led by Acting Executive Vice Chairman Adamu Ahmed Abdullahi, found Sahad Store guilty of misleading pricing and lack of transparency during a preliminary investigation.

Abdullahi stated that the store would remain sealed until further investigations are completed. 

The commission invoked Section 115(3) of the law, which prohibits charging consumers prices higher than those displayed.

Additionally, Section 155 outlines severe penalties for corporate entities found in violation, including fines and potential imprisonment for directors. 

Despite being summoned to defend their actions, Sahad Store’s management failed to appear, only sending a lawyer who was not familiar with the case. Abdullahi emphasised that compliance with the law is necessary for the store’s reopening. 

The closure of Sahad Store underscores the government’s commitment to ensuring fair pricing practices and protecting consumers from exploitation amidst the current economic challenges facing Nigeria.

By Bilyamin Abdulmumin

In the dramatic Gabon coup d’etat late last year, after all the hope seemed to be lost for Ali Bongo, he resorted to the last glimmer, he appeared in a recorded video that went viral appealing for the public to make some noise, apparently to deter the Junta from succeeding.  To paraphrase the former Gabon president, in the spirit of the success of the Mambila hydropower project, let us make some noise!

When the news of the contract between Nigeria and the government of China to undertake the project broke, it threw the country into much celebration. The project was said to have been conceived about 40 years ago, but each government came and went without moving the project an inch. A presumable turning point came when the then president, Buhari, met with the Chinese president and both governments were said to have agreed on the formation of a joint venture by the three companies, CGCC, SINOHYDRO, and CGCOC under the guidance of the Chinese authorities for the project building. The total cost of the project was estimated at 5.8 billion dollars, With the Chinese government providing a loan of 4 billion dollars from Exim Bank, and the Nigerian government providing the rest. The news of the strategic bilateral agreement went all over the internet with several stories surrounding it. Given its potential for improving the socio-economic status of not only the community around the Taraba State but Nigeria at large. The Nigerian President even likened the project to China’s Three Gorges Dam.

Currently, Nigeria (after generation, and transmission finally) distributes a meager 4 to 5
MW of electricity for more than 200 million Nigerians, but the Mambila alone is proposed
to add about 3.5 MW to the national grid, one now can fathom not only the extent of
Nigeria’s energy poverty but why the euphoria about the project.

From 2017 when the news of the contract was broken down to 2023, the project
development news kept flying around, fueling the hope and happiness of the public as
such painting the government of the day white. Some government zealot supporters
even circulated colorful pictures of other projects at the completing level purporting it to
be the Mambila hydro-power project.

The back and forth, mystery, and uncertainty surrounding the project triggered BBC
Hausa to embark on a fact-check mission, making a few-minute documentary about the
project. This fact-check mission steered up the honest net making the news become the
major public discussion. The public felt utterly betrayed by the government and thus
questioned its transparency resulting in straining the government’s image like never
before. It emerged that the project purported to be at the completion stage with finishing
pictures circulating has yet to be torched an inch.

This development forces the government through Garba Shehu to come out for damage
control. Unknown to the public, while all the euphoria was going on about project
completion, the government was battling court litigation. According former special
adviser, a businessman named Leno Adesanya,  through their company Sunrise Power

Transmission Company of Nigeria Ltd (SPTCL) has filed about 2.3 billion dollar lawsuit
at the ICC International Court of Arbitration, Paris, against the Federal Government of
Nigeria (FGN) for breach of contract” which they have secure the right in the 2003
agreement to construct the 3,050MW plant in Mambila, Taraba state, on a “build,
operate and transfer” basis.

On March 26, 2020, the then attorney general and minister of justice Malami secured an
out-of-court resolution with this company, to pay the sum of $200 million as a “full and
final settlement” to discontinue the arbitration and set the government free from all
liabilities in the dispute. The only soft landing that could warrant the project to proceed. 
However, Buhari, in his reply, a month later, rejected the settlement: “FG does not have
200 million dollars to pay SPTCL. Shehu echoed this response while responding to BBC
Hausa’s report: The Nigerian government could only call on him to show nationalism to
withdraw unconditionally, to allow the project to continue.

Now that those who are holding to ransom, the Mambila power project is clear: the
government and SPTCL company, let’s make more than just noise – let’s make a
resounding call for transparency, justice, and the release of a project poised to be a
game-changer for Nigeria’s socio-economic landscape. The Mambila hydropower
project deserves more than a viral plea; it deserves a roar of collective voices
demanding accountability and progress.

By Uzair Adam Imam 

Lagos State people have joined the ranks of several other states across the country in staging protests against the high cost of living. 

In the Ibeju-Lekki area of Lagos State, market women and youths took to the streets on Saturday to voice their grievances. 

The protesters were displaying placards bearing messages such as “Baba Tinubu, Nigerians are hungry” and “Tinubu, come and rescue us”. 

The protesters highlighted the hardships faced by ordinary citizens due to the escalating cost of living. 

This demonstration marks the latest in a series of protests held in various states, including Kogi, Osun, Niger, and Kano, all echoing concerns over the relentless rise in commodity prices since the removal of the petrol subsidy in May 2023.

By Salisu Uba, PhD, FCIPS

In Nigeria, especially in the North, the time is ripe for successful entrepreneurs and business leaders to forge an alliance and spearhead investment in the burgeoning startup ecosystem. By forming angel syndicates to venture capitalists, we can create a robust foundation for attracting substantial investment not only from within Nigeria but also from across the globe. This aligns with locally supported startups through investment, addressing market fit and confidence in the business model, especially if the solution is locally targeted.

Why is this crucial?

Firstly, establishing angel syndicates allows us to tap into the wealth of knowledge and experience possessed by seasoned entrepreneurs. Imagine having a syndicate of angels across all states investing in and mentoring startups and small businesses; this could lead to more successful ventures, social impact, and job creation. Typically, when you have resources and skills in business, it becomes an avenue for addressing challenges and opportunities within the startup landscape, making it a source of invaluable mentorship for emerging businesses.

Secondly, starting with angel syndicates incentivizes the process of attracting more venture capitalists, signifying a maturation of the investment ecosystem. It’s important to understand that venture capitalists bring not only financial backing but also strategic guidance and access to extensive networks, propelling startups towards rapid growth and scalability.

I am glad that some folks are forming partnerships and have come up with venture labs funding. However, my question is how effective this is, especially when we don’t get updates about the deals they have closed? I want to be positive, as a typical round of investment can take anywhere from 3-7 months.

Furthermore, without adequate funding, promising startups risk stagnation or even relocation to more investment-friendly destinations. Incorporating in these alternative jurisdictions not only deprives Nigeria of potential economic growth from the ecosystem but also undermines the socio-economic development of the country offered by the startups.

Lastly, to catalyze this transformation, heightened awareness and targeted training programmes are essential for our successful entrepreneurs and business leaders. Educating successful entrepreneurs on the benefits and mechanisms of investing in the startup ecosystem will empower them to become active participants in driving innovation and economic prosperity.

Business schools in Nigeria should come up with tailored programmes on startup investment opportunities and the future of sustainable business practices. Our revenue houses should perhaps create incentives for high net-worth individuals when participating in investment in startups or small businesses.

I am absolutely certain that Nigerian entrepreneurs and business leaders should be engaged in creating a network of angel investors to invest in the startup ecosystem. We can foster a culture of innovation, drive economic growth, and position Nigeria as a leading player in the global startup landscape. Now is the time to act, to seize the opportunity, and to realize the full potential of Nigeria’s entrepreneurial spirit.

I am sure platforms like Startup Arewa, NITDA, Ministry of Finance, FIRS, and many other stakeholders can facilitate a dialogue and create a conversation around my proposition.

Salisu Uba, PhD, can be reached via salisuuba@ymail.com.

By Sabiu Abdullahi 

The Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) have jointly issued a stern ultimatum to the Federal Government.

The ultimatum comes as a response to the alleged failure of the government to fulfil a 16-point agreement reached with the unions on October 2, 2023. 

Expressing their dismay over the situation, leaders of the NLC and TUC affirmed their concern regarding the government’s apparent disregard for the welfare of citizens and workers.

Despite concerted efforts by organised labour to foster cooperation and address issues in the workplace, the unions claim that the government has remained indifferent to the widespread suffering and hardship experienced by Nigerians. 

In a joint statement, the NLC and TUC lamented the necessity of resorting to drastic measures, stating, “It is regrettable that we are compelled to resort to such measures, but the persistent neglect of the welfare of citizens and Nigerian workers and the massive hardship leave us with no choice.” 

The ultimatum issued by the unions gives the Federal Government a 14-day window, starting on February 9, 2024, to honour its commitments outlined in the agreement.

Failure to do so, as stated by the NLC and TUC, will result in the commencement of a nationwide strike. 

The looming threat of a nationwide strike raises concerns about its potential impact on various sectors of the economy and the well-being of the general populace.

It underscores the urgency for dialogue and resolution between the government and organised labour to avert the disruption and hardships that a strike could entail.

By Sabiu Abdullahi

The Federal High Court, Ikoyi, Lagos, on Wednesday, February 7, mandated the federal government to regulate the prices of essential goods and petroleum products within a span of seven days. 

The presiding judge, Justice Ambose Lewis-Allagoa, issued the directive following an originating motion presented and argued by prominent human rights activist, Femi Falana SAN.

Justice Lewis-Allagoa underscored the significance of the case, highlighting the absence of opposition from the respondents, including the Attorney-General of the Federation and the Price Control Board. 

“I have had the applicant Femi Falana in a suit no San,FHC/L/CS/869/2023 and I have also discovered that despite the service of the Originating motion on the respondents namely Attorney-General of the Federation and the Price Control Board, no opposition to it by way of counter affidavit, which is law that all the facts deposed in the affidavit attached to the originating motion are all deemed admitted,” stated Justice Lewis-Allagoa. 

“Consequently, all prayers that are sought for in the motion papers are hereby granted as prayed.” 

The court’s ruling directs the Nigerian government to set fixed prices for a range of commodities, including milk, flour, salt, sugar, bicycles and spare parts, matches, motorcycles and their spare parts, motor vehicles and their spare parts, as well as petroleum products such as diesel, petrol motor spirit (PMS), and kerosene. 

This landmark decision marks a significant step towards addressing concerns over escalating prices of essential goods and ensuring greater stability in the country’s economy.

It remains to be seen how the government will implement and enforce these mandated price regulations within the stipulated timeframe.

By Tahir Mahmood

Kano State, known for its vibrant culture and economic potential, has witnessed an influx of companies and nongovernmental organizations. However, there is a noticeable disparity in the representation of local citizens within these entities.

There is a need to address unemployment challenges and breathe new life into the economy of Kano State by drawing inspiration from the successful Edo Jobs Center model. This initiative comes at a crucial time when the need for job creation and skills development is more pressing than ever. It is suggested that Kano State adopt a framework similar to the Edo Jobs Center, a proven model that has successfully facilitated job placements, nurtured skills development, and fostered economic growth in Edo State. The aim is to tailor this approach to the unique needs and opportunities within Kano.

Acknowledging the existence of the Sani Abacha Youth Center and the challenges it faced, the Jobs Hub may aim to learn from past experiences. It is crucial to analyze the reasons behind the center’s abandonment, incorporating these lessons to develop strategies that ensure the sustained success of the new initiative, particularly in promoting local employment.

It’s important to note the historical context, particularly of the abandoned Sani Abacha Youth Center Kano, which had similar aspirations but fell short of realizing its full potential, serving only as a wedding event center and a popular rawar gala location—a joint for hookups where local ashawos are initiated and recruited, despite the Hisbah’s commitment to curbing those activities in the state. Learning from past experiences, the Jobs Hub may aim to address the shortcomings of previous initiatives and create a sustainable platform for employment and skills development.

The key components of the Jobs Hub may include an online portal connecting job seekers with opportunities, comprehensive skills development programs, and strategic partnerships with local businesses. This holistic approach will seek to bridge the gap between job seekers and employers while equipping the local workforce with the skills needed in today’s dynamic job market.

In light of the challenges faced by the Sani Abacha Youth Center, it is imperative that the new initiative address the reasons behind its abandonment. By incorporating lessons learned from past experiences, the Jobs Hub may aim to not only overcome previous obstacles but also ensure long-term success and sustainability with modern technological advancements.

To achieve the above, collaboration with the government, private sector, and local communities is crucial. This is to encourage the Kano State government to actively engage in supporting and endorsing the establishment of the Jobs Hub, aligning it with existing employment initiatives and leveraging public-private partnerships for enhanced impact.

The success of the Edo Jobs Center model presents a compelling case for the potential for positive outcomes in Kano State. As we endeavor to revitalize opportunities and stimulate economic growth, it is hoped that the government will consider adopting the Edo Jobs strategies, setting in motion a transformative journey towards a more prosperous and vibrant Kano State.

The proposed Jobs Hub integrates various components to create a comprehensive approach to local employment: Online Portal, by establishing a digital platform connecting local job seekers with employment opportunities, making the recruitment process more inclusive and accessible.

Skills Development Programs, through implementing targeted training initiatives tailored to the needs of the local workforce, enhance their competitiveness in the job market. Partnerships with Companies, by fostering collaborations with companies and organizations operating in Kano, and encouraging them to actively participate in the Jobs Hub by recruiting from the local talent pool.

A critical aspect of this is the emphasis on addressing the issue of underrepresentation of Kano citizens in the workforce. The Jobs Hub may work closely with companies to develop strategies for recruiting and retaining local talent, promoting a more inclusive and diverse work environment through government mandates for local recruitment. By recognizing the pivotal role of the government in influencing employment practices, this suggests that Kano State can enforce regulations mandating companies and organizations operating within its borders to prioritize the recruitment of Kano citizens.

This proactive approach aligns with the state’s commitment to promoting local employment and ensuring economic opportunities are accessible to its people. Collaboration and Stakeholder Engagement: Active collaboration with both government bodies and private sector stakeholders is essential for the success of the Jobs Hub. Encouraging dialogue and partnership-building creates a supportive ecosystem for local employment initiatives. The establishment of a Jobs Hub in Kano State not only addresses unemployment challenges but also tackles the issue of workforce disparities.

By promoting local employment, the proposal aims to create a more equitable distribution of economic opportunities. The government’s mandate to enforce local recruitment practices can further solidify the impact of the Jobs Hub, ensuring a brighter and more inclusive economic future for the people of Kano State.

The State holds the promise of revitalizing the local economy and creating a brighter future for the youth. By learning from past experiences and adopting innovative solutions, Kano has the opportunity to pioneer the fostering of employment, skills development, and sustainable economic growth.

Tahir Mahmood Saleh can be reached via tahirmsaleh.seggroup@gmail.com.

By: Ibrahim Suleiman Ibrahim

In today’s consistently evolving digital world, the pursuit of digital/ICT skills has become increasingly important for individuals and communities alike. This is particularly relevant for Muslim women, who often face unique challenges in balancing their religious and family values with their career choices, hence, making them to be left behind in the digital landscape.

In this article, we will explore the importance of creating awareness among Muslim communities about the need for Muslim women, especially the married ones, to pursue digital/ICT skills.

One of the primary concerns of Muslim women is the compatibility of their careers with their religious values and family life. Most jobs in our contemporary secular societies often raise ‘Sharee’ah’ concerns—which mostly revolve around free mixing and intimacy with ‘non-mahrams’, prolonged unavailability in their matrimonial homes that often impede performance of domestic responsibilities, compromising the Islamically mandated mode of dressing for Muslim women, and so on, making it challenging for some educated Muslim women to identify fulfilling careers that align with their religious values and beliefs.

God so kind, the recent advancements in the ICT sector has now alternatively offered a wealth of opportunities for Muslim women to pursue careers that are both fulfilling and compatible with their ‘Deen’ and family life, but unfortunately, most Muslim women lack sufficient awareness of those opportunities.

It is quite essential for Islamic scholars and Muslim elites to be aware of the recent advancements in the ICT sector and to consider enlightening their communities about the potential benefits of digital/ICT skills for Muslim women. By promoting awareness and understanding, these leaders can help Muslim women make informed decisions about their careers and contribute to the overall empowerment of the community, without compromising their religious values and beliefs.

Importantly, pursuing digital/ICT skills can also lead to remote job opportunities that offer flexibility and work-life balance. These jobs allow women to work from their homes, enabling them to demonstrate their supportive roles in their marriages, while still advancing their careers. Some of the skills that can lead to remote job opportunities include web development, copywriting, social media management, digital marketing, graphic designs, virtual administration, data analytics and so on.

Furthermore, encouraging Muslim women to pursue digital/ICT skills can lead to greater empowerment and intellectual development. By acquiring these skills, Muslim women can supportively contribute to their families’ finances and also become more intellectually sound, which is in line with the principles of Islam that promote the pursuit of knowledge.

In conclusion, we are in an interconnected world where digital skills are increasingly relevant across all sectors. Muslim women lawfully deserve to be equiped with these skills so they can also participate more actively in the global economy and contribute to the advancement of their communities, within the limits of Sharee’ah.

There may be misconceptions within Muslim communities about the compatibility of digital/ICT careers with Islamic principles. However, creating awareness can help address these misconceptions and demonstrate how these skills can be utilized in ways that are consistent with religious values.

It’s therefore crucial for community leaders, including Islamic scholars and Muslim elites, to actively promote the value of digital/ICT skills for Muslim women. Their support and endorsement can greatly influence the attitudes and decisions of community members.

Ibrahim Suleiman Ibrahim is a Public Affairs Analyst. He can be reached via: suleimibrahim00@gmail.com

By Ismail Namadi 

In 2014, $1 was equivalent to ₦200. At that time, one bag of 50kg rice was around ₦8,000 ($40), and the minimum wage was N18,000 ($90). 

Comparably, in January 2024 (10 years apart), $1 is around ₦1,500. The Minimum wage is ₦30,000. A simple calculation is 18000/200 = $90; 30,000/1,500 = $20.

What does this simple calculation mean? In real terms, over the past ten years, despite the increase in the minimum wage from ₦18,000 to ₦30,000 per month, purchasing power has decreased by over 75%.

However, in 2014, the PMS pump price per litre was 87 Naira, while the current price in 2024 is ₦700 per litre. 

The Nigerian budget in 2014 was ₦4.962 trillion, while in 2024, the budget is ₦28.77 trillion. These variables are paramount when considering minimum wage simply because they directly affect the lives of people in the country. 

For example, the federal government removed the subsidy on petroleum products, which led to a skyrocketing price of general goods and services, making the lives of citizens, especially low-income earners, difficult to manage.

In addition, the dollar plays a significant role in our economy because we depend on foreign importation for consumable goods. The dollar is the only legal tender that we use to patronize foreign goods.

My advice to the federal government is that when it decides to review the minimum wage, it should consider the purchasing power of the naira so that the standard of living of Nigerian workers is improved.

Ismail Namadi wrote from Paderborn, Germany, via Ismailnamadi2006@gmail.com.