Feature/OPED

Ericsson: Smart Home Privacy: How to Avoid ‘Data Paparazzi’

Published

5 years ago

25/01/2021

The paparazzi are known for often taking covert photographs of celebrities and selling them to tabloids or gossip magazines.

In a similar vein, could the increasing number of smart, connected devices coming into our lives start acting like covert “data paparazzi”? And what can we do to avoid it? Find out here.

Today, our devices collect and forward information to all sorts of external parties: our home security alarm provider, our electricity supplier, our fitness watch vendor, our car manufacturer, our security needs to be good enough that it deters attackers and so on. Smart assistants listen to our voice commands and take that information to the internet to execute our orders.

But smart devices go beyond the obvious too – they can be anything from a connected toaster to a washing machine, sewing machine, or a toothbrush!

Data from one device may not be a problem, but combining data from several devices could create a pattern that may reveal unwanted information about a user or a business. And with more devices coming into homes, concerns around the way personal data is managed, controlled and used by devices and organizations are increasingly being raised.

Each new device may introduce a new security risk, if not properly managed through its life cycle. The security risks must be handled by all actors in the value chain, including the device owner, regardless if devices are used by consumers, industries, or smart cities.

So what will be important to think about to ensure that users benefit and get value from devices and their related services, but avoid adding security issues? Should we risk unintentionally becoming surrounded by data paparazzi with their viewfinder aimed at us?

In this blog post, we’ll bring some light on to what these factors mean for the device owner and what can be done to confront it.

Smart devices and privacy: the big picture

Many of us already interact with at least 3 to 5 devices daily – a smartphone or even two, a smart watch, a tablet PC, a work laptop, and maybe a smart TV. One estimate is that by 2030, each of us will own 15 connected devices. Some devices, like a connected car or smart meter, are connected by default and typically managed by the company the user is a customer of. They typically rely on cellular connectivity. For many other devices, the users themselves select and provide the connectivity, often Wi-Fi or cellular, and are personally responsible for the management of the devices.

Above all, the network infrastructure and devices need to be secure. It’s important for us all that we can trust how our devices operate and handle data. It will also be important to ensure device security through the life cycle of the devices. With the fast growth and wide of range of smart and connected devices from different brands – that come with different user interfaces and functions – it might be cumbersome to keep all devices up to date in terms of firmware and security status, for example, from the day the device is purchased until its recycled. However, this is a key requirement for enabling a secure and trustworthy IoT environment.

GDPR and similar efforts have raised more attention to privacy from the general public. As people become more informed and want to know how their devices and information are used and managed, there will be an increased need for tools that enable identifying, verifying, and controlling the data the devices are collecting and sharing.

The data paparazzi problem

Let’s now go into some issues that celebrities have to deal with, regarding paparazzi and stalkers, and how similar situations can also occur in the IoT world. We’ll also reveal if similar mitigation strategies can work for both regular, and data paparazzi.

Information availability

While the saying goes that “all publicity is good publicity”, many celebrities wouldn’t agree. They want to be in control of the information shared about them, to build a relevant public image but avoid revealing private relations, unattractive personal habits, or similar.

The same thinking is behind IoT security; information that’s needed to complete the intended tasks of an IoT device should be made available, while the rest of the information should be kept private. However, for IoT there’s often a more fine-grained approach as the information made available should in many cases only be made available to a restricted group of observers on a need-to-know basis.

The stalker problem

Many celebrities might also have to deal with stalkers – individuals who are overly interested in them and may try to gain as much information about them as possible, even using illegal means.

In the IoT space, the same phenomenon could happen to the average Joe. A smart home that doesn’t restrict access to the information it generates can easily become a lucrative target for an attacker; the information generated by the home can be used to gather different information about the inhabitants, which could later be leveraged to commit a cyber attack. Information about when various appliances are used, such as when doors are opened, lights are switched on/off, energy consumption fluctuates, can be a real treasure trove. This also means that potential attackers might not skip a house just because there’s some security applied, rather the security needs to be good enough that it deters attackers from trying, or stops them in their tracks.

Mitigation strategies

Celebrities tend to take precautions to hinder paparazzi and stalkers from invading their privacy. This can be in the form of living in gated communities or at least having access control to their property, through walls and gates for example. They might also apply surveillance measures such as motion sensors and surveillance cameras, and even security measures such as guards or guard dogs. When moving about in public, they might have a security guard with them to keep interested parties at least at arm’s length.

The same things need to be considered in the IoT world. For example, in smart homes, access to the internal network and the data generated and stored there should be controlled and protected, monitoring should be applied to pick up on suspicious behaviour, and reactive security measures, such as blocking and logging, should be taken when a breach is detected.

What has been normal for celebrities should now also become the standard for anyone in an IoT environment. When it comes to privacy, active measures should be taken to maintain it. While this might sound scary – and without proper actions, it would be – it’s not something that’s difficult to achieve. Rather it’s about having the right mindset and recognizing that security needs to be built in and considered more and more in the connected world, even for private citizens.

What to protect?

IoT is very much about the data generated and consumed by IoT devices. At first, this data may be seen as producing no risk, but even simple data in a certain context may be sensitive. For example:

Power consumption data recorded by a smart meter can provide a lot of information about what’s happening in a home. For example, based on the power consumption profile of TVs, switching on the TV will be visible from the data and if it’s possible to match the time the TV is turned on with the TV guide, that will provide a good indication as to what people at home are watching.
Any competent smart lock manufacturer will make sure that the communication with the lock is encrypted and its integrity protected. However, this might not be enough; by observing the traffic generated by a smart lock, one could potentially deduce whether the lock has been opened from the inside or the outside and thereby predict if there’s anyone in the house at any given moment. Other data generated by a smart home, including power consumption and light switch data, can be used to improve the prediction.
It’s inevitable that, at some point, an electric device will reach the end of its lifetime and will need to be disposed of. If the information stored on the device isn’t properly removed, a hacker who retrieves the device from a waste bin or who purchases it from a second-hand store could dig out data or credentials, as well as information about the services the device has been connected to. This is information that could be used to spy on the owner in a more efficient way, or even control or modify other devices belonging to the owner from the backend.

The question, therefore, shouldn’t be, “what do I need to protect?”, rather, “what don’t I need to protect?”, meaning “what do I actually need to share?”.

How to avoid unauthorized use of private data

There’s no silver bullet solution to this problem and the complexity is proportional to the number of devices and services that we as individuals interact with. Applying the best security practices is the responsibility of many entities. Device manufacturers and service providers need to provide secure devices/services, with proper control and maintenance for future proof device security.

But there are some rules of thumb that each of us can follow to minimize security and privacy issues related to our devices. By following these recommendations, one can build a system that will withstand a great deal of malicious intent, and deter the vast majority of attackers and opportunists. A few highly skilled and well-connected groups or individuals might be able to get past even the most secure systems, often through social engineering and phishing, that is, human weakness, rather than by technical security exploits. However, with the effort required, “average Joe” is maybe not the typical target.

End-user responsibilities include selecting suitable and secure solutions, and installing and configuring them in a secure way. Well-designed products should make this a relatively easy task, but it can also be done with the help of professionals. Furthermore, there are initiatives such as the Finnish Cybersecurity Label providing security labels for IoT devices, which aim to help consumers select products for which security has been verified.

Another important thing is to remember to update the software of the device.

And based on statistics regarding how a system’s security most often fails, a crucial task for the end-user is to remember to change the default password of all and any devices that are installed.

What can I do as a device owner?

Check whether the device manufacturer/service provider offers firmware/software upgrades in case of security issues.
Consider what data is generated and how it’s used and stored, for example, locally and/or in the cloud.
Check user terms and conditions to find out how data is used.
Remember to change the default device password.
Remember to keep device software up to date.
Remember to wipe the device before recycling.

And remember to consider the trustworthiness of a device and its services before purchase!

Feature/OPED

When Stability Matters: Gauging Gusau’s Quiet Wins for Nigerian Football

Published

1 day ago

04/12/2025

Business Post Contributor

By Barr. Adefila Kamal

Football in Nigeria has never been just a sport. It is emotion, argument, nationalism, and sometimes heartbreak wrapped into ninety minutes. That passion is a gift, but it often comes with a tendency to shout down progress before it has the chance to grow. In the middle of this noise sits the Nigeria Football Federation under the leadership of Ibrahim Musa Gusau, a man who has chosen steady hands over loud speeches, structure over drama, and long-term rebuilding over chasing instant applause.

When Gusau took office in 2022, he understood one thing clearly: the only way to fix Nigerian football is to repair its foundations. He said it openly during the 2025 NNL monthly awards ceremony — you cannot build an edifice from the rooftop. And true to that conviction, his tenure has taken shape quietly through structural investments that don’t trend on social media but matter where the future of the game is built. The construction of a players’ hostel and modern training pitches at the Moshood Abiola Stadium is one of the clearest signs of this shift. Nigeria has gone decades without basic infrastructure for its national teams, especially youth and age-grade squads. Gusau’s administration broke that pattern by delivering the first dedicated national-team hostel in our history, a project that signals an understanding that success is not luck — it is preparation.

The same thread runs through grassroots football. The maiden edition of the FCT FA Women’s Inter-Area Councils Football Tournament emerged under this administration, giving young female players a structured platform instead of the token attention they usually receive. These initiatives are not flashy. They do not dominate headlines. But they form the bedrock of any footballing nation that wants to be taken seriously.

Gusau’s leadership has also focused on lifting the domestic leagues out of years of decline. The NFF has revamped professional and semi-professional competitions, working to create consistent scheduling, fair officiating, and marketable competition structures. The growing number of global broadcasting partnerships — something unheard of in the old NPFL era — has brought more eyes, more credibility and more opportunities for clubs and players. Monthly awards for players, coaches and referees have introduced a culture of performance and merit, something our domestic game has needed for years. These are reforms that reshape the culture of football far beyond one season.

Internationally, Nigeria regained a powerful seat at the table when Gusau was elected President of the West African Football Union (WAFU B). This is not a ceremonial achievement. In football politics, influence determines opportunities, hosting rights, development grants, international appointments and the respect with which nations are treated. For too long, Nigeria’s voice in the region was inconsistent. Gusau’s emergence changes that, and it places Nigeria in a position where its administrative competence cannot be dismissed.

His administration has also made it clear that women’s football, youth development and academy systems are no longer side projects. There is a renewed intention to repair the broken pathways that once produced global stars with almost predictable frequency. If Nigeria is going to remain a powerhouse, development must become a machine, not an afterthought.

Still, for many observers, none of this seems to matter because the yardstick is always a single match, a single tournament or a single disappointing moment. Public criticism often grows louder than the facts. Fans want instant results, and when they don’t come, the instinct is to blame whoever is in office at the moment. But this approach has repeatedly sabotaged Nigerian football. Constant leadership changes wipe out institutional memory and scatter reform efforts before they mature. No nation becomes great by resetting its football house every time tempers flare.

Gusau’s leadership is unfolding at a time when FIFA and CAF are tightening their expectations for professionalism, financial transparency and infrastructure. Nigeria cannot afford scandals, disarray or combative politics. We need the kind of administrative consistency that global football bodies can trust — and this is exactly the lane Gusau has chosen. He has not been perfect; no administrator is. But he has been consistent, measured and focused. In an ecosystem that often rewards noise, this is rare.

For progress to hold, Nigeria must shift from the culture of outrage to a culture of constructive contribution. The media, civil society, ex-players, club owners, fan groups — everyone has a role. The truth is that Nigerian football’s biggest enemy has never been the NFF president, whoever he might be at the time. The real enemies are impatience, instability and emotional decision-making. They derail strategy. They kill reforms. They weaken institutions. And they turn football — our greatest cultural asset — into a battlefield of blame.

Gusau’s effort to reposition the NFF is a reminder that real development is rarely glamorous. It is slow, disciplined and often misunderstood. But it is the only route that leads to the future we claim to want: a football system built on structure, modern governance, infrastructure, youth development and global influence. Nigeria will flourish when we start protecting our institutions instead of tearing them down after every misstep.

If we truly want Nigerian football to rise, we must recognise genuine work when we see it. We must support continuity when it is clearly producing a roadmap. And we must resist the temptation to substitute outrage for analysis. Ibrahim Musa Gusau’s tenure is not defined by noise. It is defined by groundwork — the kind that elevates nations long after the shouting stops.

Barr. Adefila Kamal is a legal practitioner and development specialist. He serves as the National President of the Civil Society Network for Good Governance (CSNGG), with a long-standing commitment to transparency, institutional reform and sports governance in Nigeria

Feature/OPED

Unlocking Capital for Infrastructure: The Case for Project Bonds in Nigeria

Published

2 days ago

03/12/2025

Business Post Contributor

By Taiwo Olatunji, CFA

Nigeria’s infrastructure ambition is not constrained by vision, but by the financing architecture. The public sector balance sheet, which has been the primary source of financing, has become very tight, while financing from the private sector is available and increasing, with a focus on long-term, naira-denominated assets. Hence, the challenge lies in effectively connecting this capital to bankable projects at scale and with discipline. Project bonds, created, structured and distributed by investment banks, are the instruments required to bridge the country’s infrastructure needs.

The scale of the need is clear. Nigeria’s Revised NIIMP (2020–2043) estimates ~US$2.3 trillion, about US$100bn, a year is required annually for the next 30 years to lift infrastructure to 70% of GDP. Africa’s pensions, insurers and sovereign funds already hold over US$1.1 trillion that can be mobilised for this purpose, but they require new and innovative approaches to enhance their participation in addressing this challenge.

What is broken with the status quo?

Nigeria continues to finance inherently long-dated assets through the issuance of local currency public bonds, Sukuk and Eurobonds. This approach creates a heavy burden on the government’s balance sheet while sometimes causing refinancing risk and FX exposures, where naira cash flows service dollar liabilities. It has also led to the slow conversion of the pipeline of identified projects because many infrastructure projects have not been prepared, appraised and structured to attract the private sector.

Why project bonds and where they sit in the stack

Project bonds are debt securities issued by project SPVs and serviced from project cash flows, typically secured by concessions, offtake agreements, or availability payments. Unlike typical bonds (corporate or government), which are backed by the sponsor’s balance sheets, project bonds are backed by the cash flow generated by the financed project. They often have longer duration, are tradeable, aligned with the long operating life of infrastructure projects and best suited for pension and insurance investors.

Globally, this type of instrument has been used to finance major projects such as toll roads, power plants, and social infrastructure. For example, in Latin America, transportation and energy projects have been financed through project bonds from local and international investors, through the 144A market, a U.S. framework that allows companies to access large institutional investors without going through a full public offering. Similarly, in India, rupee-denominated project bonds have benefited from partial credit guarantees provided by institutions like Crédit Agricole Corporate and Investment Bank, which help lower investment risk and attract more investors.

In practice, project bonds can be structured in two ways: (i) as a take-out instrument, refinancing bank or DFI construction loans once an asset has reached operational stability; or (ii) as a bond issued from day one for brownfield or late-stage greenfield projects where revenue visibility is high, often supported by credit enhancements such as guarantees.

In both cases, the instrument achieves the same outcome: aligning long-term, project cash flows with the long-term liabilities of domestic institutional investors.

The enabling ecosystem is already emerging

1. Nigeria is not starting from zero. Regulatory infrastructure is already in place. The Securities and Exchange Commission (SEC) has issued detailed rules governing Project Bonds and Infrastructure Funds, creating standardized issuance structures aligned with global best practice and familiar to institutional investors. The SEC is also mulling the inclusion of the proposed rules on Credit Enhancement Service Providers in the existing rules of the Commission.

2. Market benchmarks are already available. The sovereign yield curve, published by the Debt Management Office (DMO) through its regular monthly auctions, provides a transparent reference point for pricing. This curve serves as the base risk-free rate, against which project bond spreads can be calibrated to reflect construction, operating, and sector-specific risks.

3. The National Pension Commission (PenCom) has revised its Regulation on the investment of Pension Fund Assets, increasing the amount of the country’s N25.9 trillion pension assets to be allocated to infrastructure.

4. InfraCredit has established a robust local-currency guarantee framework, supporting an aggregate guaranteed portfolio of approximately ₦270 billion. The portfolio carries a weighted average tenor of ~8 years, with demonstrated capacity to extend maturities up to 20 years. (InfraCredit 2025)

Why merchant banks should lead

Merchant banks sit at the nexus of origination, structuring, underwriting, and distribution, and they need to work with projects sponsors, financiers and government to develop a pipeline of bankable infrastructure projects. A pipeline of bankable infrastructure projects is important to attract investors as they prefer to invest in an economy with a recognizable pipeline. A pipeline also suggests that a structured and well-thought-out approach was adopted, and the projects would have identified all the major risks and the proposed mitigants to address the identified risks.

This “banks-as-catalysts” model, an economic framework that states banks can play an active and creative role in promoting industrialization and economic development, particularly in emerging markets, can be adopted to structure and mobilise domestic private finance into Infrastructure projects.

Coronation Merchant Bank’s role and vision

At Coronation, we believe the identification, structuring and testing of bankable infrastructure projects are the constraints to mobilization of private capital into the infrastructure space. We bring an integrated platform across Financial Advisory, Capital Mobilization, Commercial Debt, Private Debt and Alternative Financing to identify, structure, underwrite and distribute infrastructure debt into domestic institutions. The Bank works with DFIs, guarantee providers and other banks to scale issuance. Our franchise has supported infrastructure debt issuances via the capital markets, likewise Nigerian corporates and the Government.

From Insight to Execution

If you are considering the issuance of a project bond or you want to discuss pipeline readiness, kindly contact [email protected] or call 020-01279760.

Taiwo Olatunji, CFA is the Group Head of Investment Banking at Coronation Merchant Bank

Feature/OPED

Nigeria’s “Era of Renewed Stability” and the Truths the CBN Chooses to Overlook

Published

3 days ago

02/12/2025

Business Post Contributor

By Blaise Udunze

At the Annual Bankers’ Dinner, when the Governor of the Central Bank of Nigeria, Yemi Cardoso, recently stated that Nigeria had “turned a decisive corner,” his remark aimed to convey assurance that inflation was decelerating with headline inflation eased to 16.05percent and food inflation retreating to 13.12 percent, the exchange rate was stabilizing, and foreign reserves ($46.7 billion) had climbed to a seven-year peak. However, beneath this announcement, a grimmer and conflicting economic situation challenges households, businesses, and investors daily.

Stability is not announced; it is felt. For millions of Nigerians, however, what they are facing instead are increasing difficulties, declining abilities, diminished buying power, and susceptibilities that dispute any assertion of a steady macroeconomic path.

The 303rd MPC gathering was the most significant in recent times, revealing policies and statements that prompt more questions than clarifications. It highlighted an economy striving to appear stable, in theory, while the actual sector struggles to breathe.

This narrative explores why Cardoso’s assertion of “restored stability” is based on a delicate and partial foundation, and why Nigeria continues to be distant from attaining economic robustness.

Manufacturing: The Core of Genuine Stability Remains Struggling to Survive

A strong economy is characterized by growth in production, increased investment, and competitive industries. Nigeria lacks all of these elements.

The Manufacturers Association of Nigeria (MAN) expressed this clearly in its response to the MPC’s choice to keep the Monetary Policy Rate at 27 percent. MAN stated that elevated interest rates are now” hindering production, deterring investment, and weakening competitiveness.

Producers are presently taking loans at rates between 30-37 percent, an environment that renders growth unfeasible and survival challenging. MAN’s Director-General, Segun Ajayi-Kadir, emphasized that although stable exchange rates matter, no genuine industry can endure borrowing expenses to those charged by loan sharks.

The CBN’s choice to maintain elevated interest rates is based on drawing foreign portfolio investors (FPIs) to support the naira’s stability. However, FPIs are well-known for being short-term, speculative, and reactive to disturbances. They do not signify long-term stability. Do they represent genuine economic development?

Genuine stability demands assurance, in manufacturing beyond financial tightening. Manufacturers are expressing, clearly and persistently, that no progress has been made.

Oil Output and Revenue: The Engine Behind Nigeria’s Stability Is Misfiring

Nigeria’s oil sector, which is the backbone of its fiscal stability, is underperforming. The 2025 budget presumed:

$75 per barrel oil price
2.06 million barrels per day production

Both objectives have fallen apart. Brent crude lingers near $62.56 under the benchmark. Contrary to the usual explanations, experts attribute the decline not mainly to external shocks but to poor reservoir management, outdated models, weak oversight, and delayed technical decisions.

Engineer Charles Deigh, a regarded expert in reservoir engineering, clearly expressed that Nigeria is experiencing production losses due to inadequate well monitoring, obsolete reservoir models, and technical choices lacking fundamental engineering precision. These shortcomings result directly in decreased revenue. By September 2025:

– Nigeria had accumulated N62.15 trillion from oil revenue

– instead of the N84.67 trillion budgeted.

– In September, the Federal Inland Revenue Service reported a startling 49.60 percent deficit in revenue from oil taxes.

A nation falling short of its main revenue goals by 50 percent cannot assert stability. Instead, it will take loans. Nigeria has taken loans.

A Stability Built on Debt, Not Productivity

Nigeria is now Africa’s largest borrower, and the world’s third-biggest borrower from the World Bank’s IDA, with $18.5 billion in commitments. By mid-2025, the total public debt amounts to N152.4 trillion, marking a 348.6 percent rise since 2023.

From July to October 2025, the government secured contracts for: $24.79 billion, €4 billion, ¥15 billion, N757 billion, and $500 million Sukuk loans. Nevertheless, in spite of these acquisitions, infrastructure continues to be manufacturing remains limited, and social welfare is still insufficient.

Uche Uwaleke, a finance and capital markets professor, cautions that Nigeria’s debt service ratio is “detrimental to growth.” Currently, the government spends one out of every four naira it earns on servicing debts. Taking on debt is not harmful in itself, provided it finances projects that pay for themselves. In Nigeria, it supports subsistence. A country funding today, through the labour of the future, cannot assert restored stability.

The Naira: A Currency Supported by Fragile Pillars

The CBN contends that elevated interest rates and enhanced market confidence have contributed to the naira’s stabilisation. However, this steadiness is based on grounds that cannot endure even the slightest global disturbance. The pillars of a stable currency are:

– Rising domestic production

– Expanding exports

– Reliable energy supply

– Strong security

– A thriving manufacturing base

None of these is Nigeria’s current reality. What Nigeria actually receives is capital from portfolio investors, and past events (2014, 2018, 2020, 2022) have demonstrated how rapidly these funds disappear.

Unemployment: “Stable” Figures Mask a Rising Youth Crisis

The CBN touts a reported unemployment rate of 4.3 percent. However, the International Labour Organisation (ILO), along with economists, cautions that the approach conceals more serious issues in the labour market.

Youth joblessness has increased to 6.5 percent, and the Nigerian Economic Summit Group cautions that Nigeria needs to generate 27 million formal employment opportunities by 2030 or else confront a disastrous labour crisis. The employment crisis is a ticking time bomb. A country cannot maintain stability when its youth are inactive, disheartened, and financially marginalized.

FDI Continues to Lag Despite CBN’s Positive Outlook

During the 2025 Nigerian Economic Summit, NESG Chairman, Niyi Yusuf stated that Nigeria’s efforts to attract direct investment (FDI) continue to be sluggish despite the implementation of reforms. FDI genuinely reflects investor trust, not portfolio inflows. FDI signifies enduring dedication, manufacturing plants, employment, and generating value. Nigeria does not have any of this as of now. An economy unable to draw long-term investments lacks stability.

139 Million Nigerians in Poverty: What Stability?

The recent development report from the World Bank estimates that 139 million Nigerians are living in poverty, and more than half of the population faces daily struggles. This is not stability. It is a humanitarian and economic crisis.

Food inflation continues to stay structurally high. The cost of a food basket has risen five times since 2019. Low-income families currently allocate much, as 70 percent of their earnings to food. A government cannot claim stability when its citizens go hungry.

A Fragile, Failing Power Sector

The power sector, another cornerstone of economic stability, is failing. Over 90 million Nigerians are without access to electricity, which is one of the highest figures globally. Even homes linked to the grid get 6.6 hours of electricity daily. Companies allocate funds to generators rather than to technology, innovation, or growth. Nigeria has now emerged as the biggest importer of solar panels in Africa, not due to environmental goals but because the national power grid is unreliable.

A country cannot achieve stability if it is unable to supply electricity to its residences, industrial plants, or medical centers.

Insecurity: The Silent Pillar Undermining All Economic Policy

Banditry, terrorism, abduction, and militant attacks persist in agriculture, manufacturing, logistics, and investment. Nigeria forfeits $15 billion each year due to insecurity and resources that might have fueled industrial development.

Food price increases are mainly caused by instability, and farmers are unable to cultivate, gather, or deliver their products. Nevertheless, the MPC approaches inflation predominantly as an issue of policy. In a country where insecurity fundamentally hinders the economy tightening policy cannot ensure stability.

Inflation Figures Under Suspicion

Questions have also emerged regarding the reliability of inflation data. Dr. Tilewa Adebajo, an economist, affirmed that the CBN might not entirely rely on the NBS inflation figures, highlighting increasing apprehension. A sharp decrease to 16 percent inflation clashes with market conditions.

Families are facing the food costs in two decades. Costs, for transport, housing rent, education fees, and necessary items keep increasing. Food prices cannot decline when farmers are abandoning their farmlands and fleeing for safety. If inflation figures are manipulated or partial, the stability story based on them becomes deceptive. There is, quite frankly, a significant disconnect between governance and the lived experience of ordinary Nigerians.

Foreign Reserves: A Story of Headlines vs Reality

Even Nigeria’s celebrated foreign reserves require scrutiny. The CBN reported $46.7 billion in reserves. However, a closer examination shows:

– Net usable reserves are only $23.11 billion

– The remainder is connected to commitments, swaps, and debts

Gross reserves make the news. Net reserves protect the currency. The difference is too large to assert that the naira is stable.

Nigeria’s Economic Contradiction: Stability at the Top, Volatility at the Bottom

In reality, Nigeria is caught between official proclamations of stability and lived experiences of volatility. The disparity between the CBN’s account and the actual experiences of Nigerians highlights a reality:

– Macroeconomic changes have failed to convert into improvements in human well-being.

– Nigeria might appear stable officially. Its citizens are experiencing instability in truth.

– Taking on debt is increasing

– Poverty is worsening

– Manufacturing is contracting

– Jobs are scarce

– Authority is breaking down

– Feelings of insecurity are growing stronger

– Inflation is undermining dignity

– Companies are struggling to breathe

– Capital is escaping

– Misery, among humans, is expanding

A strong economy is one where advancement is experienced, not announced.

What Genuine Stability Demands

To move from paper stability to real stability, Nigeria must:

Support domestic production. Cut interest rates for manufacturers, reduce borrowing costs, and provide targeted credit.
Fix oil production technically. Revamp reservoir engineering, implement surveillance. Allocate resources to adequate technical oversight.
Prioritize security. Secure farmlands, highways, and industrial corridors.
Reform the power sector. Invest in grid reliability, renewable integration, and private-sector-led transmission.
Attract real FDI. Streamline rules, enhance the framework, and maintain consistent policy guidance.
Anchor debt on productive projects. Take loans exclusively for infrastructure projects that produce income.
Prioritize reforms in welfare. Adopt crisis-responsive, domestically funded safety nets.
Improve transparency. Ensure inflation, employment, and reserve data reflect reality.

Stability Is Not Given; It Has to Be Achieved

The CBN Governor’s statement of “renewed stability” is hopeful. It remains unproven. The inconsistencies are glaring, the statistics too. The real-world experiences are too harsh. Nigerians require outcomes, not slogans. Stability is gauged not through statements on policy but by whether:

– Manufacturing plants are creating (factories operate at full capacity),

– Food is affordable,

– Young people have jobs

– The naira is strong without artificial props,

– Electricity is reliable,

– Security is assured,

– Poverty rates are decreasing.

Unless these conditions are met, Nigeria is not experiencing a period of restored stability. Instead, it is going through a phase of recovery, one that will collapse if the actual economy keeps worsening while decision-makers prematurely applaud their successes. The CBN must rethink its approach. Nigeria needs productive stability, not statistical stability.

Blaise, a journalist and PR professional, writes from Lagos, can be reached via: [email protected]