Economy
Nigeria—No be Juju be this?

By Prince Charles Dickson PhD
This is not just primitive rural superstition; [juju] is practised by all kinds of people, from illiterate herd boys to multi-degreed university professors. If you don’t understand the power of this belief, you will never truly grasp the rich albeit often incomprehensible spirituality of Africa. Lawrence Anthony, The Elephant Whisperer.
Nobody respects the law of Nigeria. Judges don’t. Police don’t. Lawyers don’t. Politicians don’t. Citizens don’t. Why? Because there are no consequences. Those who fear the laws are the downtrodden who have no godfathers. That is why stealing a goat is more dangerous than stealing billions. Nigeria is a country of absurdities. J. S. Okutepa. (SAN)
No be juju be this…
So, wetin be or what is juju?
juju; plural noun: jujus.
A charm or fetish, especially of a type used by some West African peoples. Supernatural power attributed to a charm or fetish. “Juju and witchcraft”.
Juju, an object that has been deliberately infused with magical power or the magical power itself; it also can refer to the belief system involving the use of juju. Juju is practised in West African countries such as Nigeria, Benin, Togo, and Ghana, although its assumptions are shared by most African people.
Juju comes from the traditional African religion popularly known as voodoo. Juju refers specifically to objects used in conjunction with spells or curses, and like any practice or belief, it can be manipulated to create power over people.
Witches and juju things are absolutely fascinating—they can fly on broomsticks, do magic spells with their wands and stir up incredible potions in their cauldrons. They can ask for and do the unimaginable. In Nigeria, it is just about the unthinkable things they can and cannot do or are held liable for doing or not allowing to happen.
The Harry Potter books for example have made witches (and wizards) really cool recently – who wouldn’t want to be as smart as Hermione Granger, as brave as Ginny Weasley or play Quidditch as well as Cho Chang? However, in Nigeria, it is about child rights abuse and killings.
This admonition is not about juju or witchcraft but it is about juju and the witchcraft ‘worrying’ Nigeria. Kindly follow me for the next few paragraphs and then we can share thoughts.
Almost eight years and the government could not get one refinery working at full capacity, providing employment and serving Nigerians in a land blessed with the resources. A nation of all typologies of expertise in the oil sector and still cannot simply have an agreement on whether there is subsidy or not and what to do with it—no be juju be that!
Police follow PHCN abi DisCo officials to disconnect electricity from another police station. Meanwhile, DisCo is indebted to the Water Board and the Water Board is indebted to local contractors that supply purifying chemicals and the contractors cannot pay local tax because they are indebted to the local electrician who repairs household electronics destroyed as a result of terrible electricity current supplied to homes. We have changed names, balkanized the utility company, privatized it, funded it yet the energy problem persists, it is one hellish vicious cycle—No be juju be that!
How many times have you seen policemen wear protective gloves, or collect forensic evidence? Do we have a data bank? A country of different data capture for NIN, another for driver’s licence, another for BVN, even another set of data for ‘unavailable’ Nigerian passports (printed in another country). Yet, there’s ‘no-go-to’ data bank, wait…have you seen a desktop in a local police station, not-to-talk of a laptop, apart from the ‘big boys’—No be juju be that!
We close factories to build places of worship and then pray for jobs, every national celebration has an interdenominational service and Juma’at prayers as accompaniment, yet we are a religiously wicked people. Every Christian with his personal juju-man, and every Muslim her own ‘boka-man’. We do interfaith prayers at official events, meetings and steal afterwards, and then do thanksgiving; saying ‘na God ooo’—No be juju be that!
A government official builds a hospital and calls it world-class, and yet he goes to another country for healthcare. They commission schools they describe as world-class and yet they are kids, are schooling in puppet colleges in other climes. They live in villages and build castles in the US, and beg these dudes for aid and loans—no be juju be that!
We are venting on power relations across balance of the geographical spread called Nigeria. In other words, we want power to go the South, the North has had its share, we are talking Muslim-Muslim ticket, and can’t say Christian-Christian ticket. No one is talking about the Ogboni-Krishna ticket.
Sadly, we are stuck with if the President is from here the Vice must be from there in the only nation with the aberrations such as South-South, North East, North West, South East and too many juju-like political expediency laced necessities such as federal character, catchment area, indigene and non-indigene, educationally disadvantaged; still no way, In fact, historically, we have no history so we cannot agree on who is at fault or what the solution is—No be juju be that!
Who remembers in 2015, the Witches and Wizards Association of Nigeria (WITZAN) announced that it had endorsed Goodluck Jonathan as its candidate for the 2015 presidential election.
“We just held a meeting of witches in Kogi State where it was revealed to me that Jonathan would win the presidential election. He has the support of all witches to continue in office,” said a certain Dr Iboi, the President of the association.
Well, we can see that WITZAN’s pick ended up not winning the race. The following year, WITZAN made a cry for help, as the association released a statement for Nigerians to stop persecuting them, we are waiting for them towards 2023—no be juju be that!
Last week in the news, brother and mother colluded to murder a sibling. Another son attempted to kill his mother. Young lads ate their ‘poo’ in public and in the same week, three lads, the oldest being 20, beheaded the girlfriend of one of them, all for money ritual. A trend that has seen a scary rise in the last two years, and being the pretentious people that we are, acting like it’s new, only a few years back it was ‘panties stealing’ and till date, nobody has been arrested, prosecuted, convicted, and jailed—no be juju be that!
Our Federal Road Safety Corps Officers only work during the day and close by 5:00 pm and the roads can be left unsafe at night. Nigerians cannot be ‘de-jujulized’ by praying, by big grammar, by protests, the juju has to be engaged, the gatekeepers of power and resources in Nigeria are not up to 5000 but their juju is strong and is holding the nation down.
It is a sad reality that 2023 really does not offer much if we refuse to address the witchcraft that has beset the motherland if we refuse to see that all is not well and keep behaving like a bewitched people, a big storm is not far away, and if we don’t act, the disaster that looms—Only time will tell.
Economy
CBN Boosts FX Market Liquidity With Fresh $197.71m

By Dipo Olowookere
About $197.71 million has been injected into the foreign exchange (FX) market by the Central Bank of Nigeria (CBN) to boost liquidity.
This intervention by the apex bank is expected to strengthen the Naira in the different segments of the forex market after coming under pressure in the past few days as a result of the new import tariffs imposed on countries, including Nigeria, by the President of the United States, Mr Donald Trump.
Business Post reports that on Friday, the Naira depreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 1.45 per cent or N22.49 to settle at N1,573.23/$1 versus Thursday’s exchange rate of N1,550.74/$1, and in the parallel market, it lost N10 to sell for N1,570/$1 compared with the N1,560/$1 it was transacted a day earlier.
To ease the pressure on the domestic currency, the central bank sold fresh $197.71 million to authorised FX traders between Thursday and Friday.
“The Central Bank of Nigeria (CBN) has noted recent movements in the foreign exchange market between April 3 and 4, 2025, reflecting broader global macroeconomic shifts currently affecting several emerging markets and developing economies.
“These developments were as a result of the recent announcement of new import tariffs by the United States government on imports from several economies, which has triggered a period of adjustment across global markets.
“Crude oil prices have also weakened – declining by over 12% to approximately $65.50 per barrel – presenting new dynamics for oil-exporting countries such as Nigeria.
“In line with its commitment to ensuring adequate liquidity and supporting orderly market functioning, the CBN facilitated market activity on Friday, April 4, 2025, with the provision of $197.71 million through sales to authorised dealers.
“This measured step aligns with the Bank’s broader objective of fostering a stable, transparent, and efficient foreign exchange market.
“The CBN continues to monitor global and domestic market conditions and remains confident in the resilience of Nigeria’s foreign exchange framework, which is designed to adjust appropriately to evolving fundamentals.
“All authorised dealers are reminded to adhere strictly to the principles outlined in the Nigeria FX Market Code and to uphold the highest standards in their dealings with clients and market counterparties,” a notice from the Director of Financial Markets Department at the CBN, Ms Omolara Omotunde Duke, said.
Economy
Nigeria’s Domestic, Foreign Debts Now N144.67trn

By Dipo Olowookere
The Debt Management Office (DMO) has revealed that the total public debt stock of Nigeria increased by 48.58 per cent or N47.32 trillion to N144.67 trillion ($94.23 billion) as of December 31, 2024, from N97.34 trillion ($108.23 billion) in the preceding year.
In a report released on Friday, the agency disclosed that the rise in the domestic and foreign debts was due to the borrowing of funds by the government in the period under review.
Business Post reports that external debt of the total debt accounted for 48.59 per cent at N70.29 trillion ($45.78 billion), while the domestic component was 51.41 per cent at N74.38 trillion ($48.45 billion).
A breakdown showed that for the total foreign borrowings, the federal government accounted for 43.49 per cent at N62.92 trillion ($40.98 billion), while the 36 states of the federation and the Federal Capital Territory (FCT) accounted for 5.10 per cent at N7.37 trillion ($4.80 billion).
As for the domestic debt, the federal government contributed 48.67 per cent at (N70.41 trillion ($45.86 billion) and the states and the FCT contributed 2.74 per cent at N3.97 trillion ($2.59 billion).
Analysis showed that in 2023, the external debt was N38.22 trillion ($42.50 billion) before rising in one year by 83.89 per cent to N70.29 trillion ($45.78 billion) in December 2024, while the local debt stood at N59.12 trillion ($65.73 billion) as of December 2023 before jumping by 25.77 per cent in 12 months to N74.38 trillion ($48.44 billion).
Since the current administration of Mr Bola Tinubu assumed office on May 29, 2023, it has sourced funds from local and external sources through treasury bills, Naira-denominated and Dollar-denominated bonds to finance its budget deficits.
However, much has been done to cut down Nigeria’s revenue-to-debt service ratio to 65 per cent from 97 per cent, according to Mr Tinubu in November 2024.
Economy
Market Volatility Further Suppresses Customs Street by 0.01%

By Dipo Olowookere
The Nigerian Exchange (NGX) Limited ended Friday’s trading session lower with a marginal decline of 0.01 per cent as a result of continued market volatility.
Customs Street was down during the last trading session of the week despite bargain-hunting activities in the banking and industrial goods sectors, which closed higher by 0.51 per cent and 0.01 per cent, respectively.
Business Post reports that profit-taking in the other sectors contributed to the downfall of the local bourse yesterday, with the insurance index weakening by 3.21 per cent.
Further, the energy counter went down by 0.50 per cent, and the consumer goods space depreciated by 0.24 per cent, while the commodity industry closed flat.
At the close of business, the All-Share Index (ASI) shrank by 13.37 points to 105,511.89 points from 105,525.26 points and the market capitalisation declined by N8 billion to settle at N66.147 trillion versus Thursday’s closing value of N66.155 trillion.
A total of 348.3 million shares worth N8.1 billion exchanged hands in 11,444 deals on Friday compared with the 397.1 million shares valued at N8.7 billion traded in 13,667 deals a day earlier, implying a drop in the trading volume, value, and number of deals by 12.29 per cent, 6.90 per cent, and 16.27 per cent, respectively.
The activity log was led by UBA with the sale of 26.3 million stocks for N972.3 million, United Capital traded 25.6 million shares valued at N391.5 million, FCMB exchanged 24.2 million equities worth N211.2 million, Zenith Bank transacted 22.9 million shares valued at N1.1 billion, and Fidelity Bank traded 22.6 million stocks worth N441.7 million.
Investor sentiment remained bearish yesterday after the NGX finished with 19 price gainers and 29 price losers, showing a negative market breadth index.
Lasaco Assurance and AXA Mansard were the worst-performing equities with a decline of 10.00 per cent each to sell for N2.34, and N8.64 apiece, May and Baker decreased by 8.72 per cent to N7.85, Guinea Insurance crashed by 8.70 per cent to 63 Kobo, and FTN Cocoa lost 6.43 per cent to end at N1.60.
However, Learn Africa and Livestock Feeds closed as the best-performing stocks after they gained 10.00 per cent each to quote at N3.30, and N7.92, respectively, VFD Group soared by 9.83 per cent to N57.00, Union Dicon expanded by 9.43 per cent to N5.80, and NGX Group rose by 8.17 per cent to N32.45.
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