Feature/OPED
Esan Traditional Marriage and Taboos
By Prince Kelly O. Udebhulu
Esan people value their children, male or female, this is why unlike some cultures; the bride price is very low. The payment of bride price is vital to the conclusion of marriage notable under Esan native law, which like any other customary law marriage in Nigeria; it is recognized under the Marriage Act.
The impression being that Esan people do not sell their daughters in marriage, the requested amount for bride price is usually meagre; N24 (representing 24 cowries or British pounds used in the pre-colonial and colonial days).
A huge sum is usually presented these days, from which the prominent members of the bride’s family would remove a small amount and refund the balance to the groom for his wife, their daughter`s up keeping.
A calculated message to the groom that she is still considered a family daughter even though she is married, hence the tradition that at death, the corpse of Esan woman is returned to her family to be buried with her ancestors.
We have two major types of marriage in Esan Land:
-Monogamy- A marriage of one man to one woman,
-and Polygamy- A marriage of one man to two or more wives.
Marriage also known as matrimony is a socially or ritually recognized union or legal marriage contract between two individuals that establish obligations and rights between them and their children and in-laws.
However, the concept of marriage is not a new practice and it has been a part of our society since ancient times. Marriage is a universally accepted social institution, but the types of marriages practiced in the world can be diverse. Different societies and cultures have different religious beliefs and practices for the recognition of a relationship.
In the days of our fore-fathers in Esan tradition and culture, a woman married another woman (Stylish lesbianism) but the only different to the modern day lesbianism is that the wife (woman) had children through a calculated and arranged mechanism and channel whereby an opposite sèx visited nocturnally or vice-versa in a more clandestinely MOU with the husband (woman) and children from the wife answered the husband’s (woman) name as surname. Not adopted children as in the modern days lèsbianism. It mainly happened then under a scenario whereby an acclaimed wealthy woman in the community happened to be a barren woman and she decided to have children of her own so that her lineage continued after her demise.
It worthy of note that all due responsibilities and accountabilities as a wife and husband with the exception of having sèxual intercourse abound in this type of marriage.
Just as it is difficult to ascertain the actual opposite sèx who fertilized the wife of a barren man as often happened under and after a mutual family rite (ritual) that allowed the said wife of a barren man to extend her legs to outsider besides her betrothed husband, so it was under the practice of woman married woman in those days in our history.
Traditional marriage is usually an arrangement between two families as opposed to an arrangement between two individuals.
Accordingly, there is mutual requirement from the bride and bridegroom to make the marriage work as any problem will usually affect both families and strain the otherwise cordial relationship between them.
The man usually pays the bride-price and is thus considered the head of the family. Adultery is acceptable for men, but forbidden for women.
Marriage ceremonies vary among Esan Clans
Prior 1897, girls were generally regarded as ready for marriage between the ages of 15 through 18. Courtship can begin among the individuals during the trip to the river to fetch water or during the moonlight play – EVIONTOI.
Sometimes parents actually go looking for a wife or husband for their children. This led to the BETROTHAL SYSTEM where marriage were conducted with or without the consent of the individuals involved. Sometimes such betrothal, took place when a baby girl was born. Suitors would begin to approach the parents by sending a log of wood or bundle of yam to the parents of the child. You are likely to hear statements such as -” Imu’ Ikerhan gboto”-I have dropped a log of firewood. When a boy decides to get married and the parents have accepted the bride as a prospective daughter-in-law, messages go up and down between the two families. This is called IVBUOMO-SEEKING FOR A BRIDE.
Series of investigations are conducted by both families – about disease, scandals and crimes which may affect the families. The term of the marriage which of course may include the pride-price would be settled in some families. Gifts for mother of the bride and IROGHAE- members of the extended family would be part of the settlement. Then a date would be set for the ceremony which would take place in the home of the woman’s family. This was called IWANIEN OMO in the old days the go-between for the two families must be somebody well known by both families. There would of course be a lot of merriment on the day of marriage when the bride and the bridegroom are presented openly to the two families.
Kola nuts and wine are presented. The OKA EGBE of the woman’s family would normally preside over the ceremony. Prayers are said and kola nuts broken at the family shrine. Rituals vary from family to family. The woman always sits on her father’s lap before she is given away. Amidst prayers, laughter and sometimes tears, the woman would be carefully hoisted on the lap of the OKA EGBE of the bride’s family.
Many years ago, the woman would be sent to the bridegroom house about thirteen days after IWANIEN OMO and gingerly hoisted either on her husband’s lap or the OKAEGBE of his family. They are done immediately nowadays in the home of the bridegroom. The bride, now known as OVBIOHA would be led by her relatives to the husband’s house with all her property meanwhile the family and friends of the bridegroom are feasting, drinking, singing and dancing while waiting for the bride to arrive.
As the family and friends of the bridegroom awaits the OVBIOHA, messages will arrive suggesting that there are UGHUNGHUN-barriers on the road. The bridegroom has to remove the barriers by sending money to the party, bringing the wife to him or else the wife will not arrive. As they approach the house of the bridegroom, you can hear the echo of OVBIOHA GHA MIEN ARO-ARO, meaning “Bride! Be proud/ the Bride is proud.” Arrival at the bridegroom’s house is immediately followed by the ceremony of IKPOBO-OVBIOHA-washing of the bride’s hands. A bowl of water with money in it would be brought out. A woman in the groom’s family, sometimes his senior wife would bring out a new head tie, wash the hand of the Ovbioha in the bowl and dries her hand with the head tie. Both the new head tie and the money in the bowl belong to the bride.
A few days later, the bride would be taken to the family altar and prayers are said for her. She undergoes what is called the IGBIKHIAVBO ceremony-beating of OKRO on the flat mortar. This would be followed by a visit by the bride’s mother-in-law and other female members of the family to the newlywed, if they are not living in the same house. She would demand the bed spread on which they both slept when they had their “first sèxual relationship” after the wedding and if the bed-spread was stained with blood, the bride was regarded as a vìrgin and as such she would be given many presents including money. If it is proven that she was not a vìrgin, then the preparation for the ceremony of IVIHEN-OATH TAKING ceremony would be set in motion.
First, she has to confess to the older women, the “other men” in her life before she got married. The husband would never be told any of her confessions, then, she would be summoned to the family shrine early in the morning, without warning to take an oath of FIDELITY, FAITHFULNESS, TRUSTWORTHINESS, HONESTY ETC, to her husband and family. This ceremony is the equivalent of the oath people take in the church, mosque or marriage registry. Once the oath taking ceremony is over, she would be fully accepted back into the family and immediately becomes married not only to her husband but to the family and sometimes to the community.
Christianity, Islam and Westernization of today have weakened the Edo traditional system of marriage. The traditional ceremony is sometimes done the same day with many of the rituals avoided in the name of Christianity or Islam and many women would rather die than take the oath we described above. It was the oath that kept Edo women out of prostitution for many years; thus making the Edo women in general to be regarded as very faithful, trustworthy, honest with strong fidelity to their husbands making neighbouring tribes want them as wives. It also made divorce on the ground of adultery, less common in those days.
TABOOS WHEN YOU MARRY AN ESAN MAN
There are “don’ts and dos” in Esan marriages but some are enumerated below.
When a woman is married to an Esan man, it is an abomination for another man to touch her wrapper, else it is considered as though she has committed adultery unless the married woman shouts at the man or reports to her husband.
– When a woman commits adultery, she will lose her children and her life as repercussion for the abominable act unless she confesses and as restitution, she is striped completely unclad, her head is shaved, a part of her private part is shaved, one of her armpits is shaved and both of her hands are tied behind her, while a basket full of trash is placed on her head. She is then paraded around the community by other women.
– If this is not done and the woman goes ahead to cook for her children, her children will die one after the other including her. If she also confesses to her husband and out of love or pity her husband conceals the confession, he will die within a week, if he eats a meal cooked by the woman.
– It is a taboo for another man to cross an outstretched legs of a married woman else it is considered as though she already had sèx with the man.
– A married woman cannot steal her husband’s money in Esan land as it is seen as an abomination. She must tell him about it.
– It is considered an abomination for a man to sit on the matrimonial bed of an Esan couple as it is seen as a taboo.
– It is also an abomination for a woman to spit on her husband under any circumstance. If she does, she must sacrifice a fowl to appease him but the man can bathe his wife with his own spit.
– It is seen as an abomination for an Esan man to use the same bathing bucket with his wife but due to widespread Christianity, this taboo has almost gone into extinction.
– The husband of a woman who just gave birth must stay away from her sèxually for three months as she’s considered unclean because of the after delivery blood she discharges.
On list of requirements to marriage, contact your would-be in-laws as it varies from family to family.
Ref: Dr. C. Okojie.
- Joy.
Esan historians.
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
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
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]
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