Feature/OPED
11 Actions Required for Speedy Economic Turnaround

By Atedo Peterside
The Federal Government of Nigeria (FGN) is doing some things right, such as the effort to curb overhead expenditures and to be more frugal than past administrations, but then they are also doing many things wrong.
There is a reluctance to completely break from the past and embrace significant economic reforms, even when our present predicament clearly warrants same.
We are now facing an economic crisis. A crisis is an inflection point. It is that point when multiple outcomes become possible. 2017 represents the last full calendar year that this administration has within which it must embrace major economic reforms, if it expects to still attain many of the more palatable economic outcomes. It is no use arguing over who or what caused the economic recession (-2% growth) and high inflation rate (over 18.5% p.a.) that we are currently facing; far better to focus on what we need to do to get us out of this sorry state.
There are several units within the FGN that appear to be working hard. Sadly, most of them are working in “silos” and solving fringe problems. What appears to be still missing is a bold, holistic and audacious effort to harmonize fiscal, monetary, exchange rate, trade and macro-prudential policies in a concerted manner. Very few people want to take on the “big gorilla” in the room. That is why the impact of the FGN’s Economic Management Team is not being felt. Because many fear for their jobs, they are not interested in tackling their colleagues whose actions are negating and/or eliminating the most positive outcomes that the Government owes the electorate.
I know that there are those who will criticize me for saying that the FGN’s economic policy direction remains unclear. My response to them is that the most significant economic reforms embraced so far by FGN came about rather reluctantly i.e. by FGN hanging on to an untenable position until it eventually disentangled itself or got overpowered by its own internal contradictions. We saw this with petrol prices and also the devaluation of the naira. When these “reforms” came, they arrived in the form of half-measures. Thus, we stopped short of full petrol price deregulation and introduced an unsustainable price fix instead. We equally stopped short of adopting truly market-determined exchange rates and instead embraced a “fudge” that spewed widely divergent multiple exchange rates. Half measures typically bring some pain, but often fail (as in this case) to yield any lasting gain.
The rest of this article will discuss ELEVEN major policy actions which the FGN should consider. We must shake off the indolent mindset that leads us to believe that all Constitutional changes are taboo. Accordingly, I seek to draw attention to the following eleven important items on which major action is still required:-
1) The Central Bank of Nigeria (CBN) should accept that it’s foreign exchange and demand management policies have failed. The more restrictions they have placed on forex repatriation the less likely it has become that badly needed forex inflows from portfolio investors, foreign direct investors and Nigerians will pick up. Privileged access to CBN’s forex allocations has become the best investment game in town for the politically well-connected. Furthermore, the directive to banks to allocate 60% of forex to manufacturers, who account for only 10% of GDP (including owners of zombie industries which are horribly import-dependent) has exacerbated an already bad supply situation. 40% is much too small to accommodate the rest of the economy and so all other sectors (90% of GDP) have been crippled. This has unleashed panic thereby sending the parallel market to the high heavens. Forex inflows disappeared partly because of the uncertainty surrounding the ability to repatriate interest/dividends through an overly restrictive 40% window. There is no scientific basis for this 60%/40% rule. Meanwhile it has huge adverse distortionary implications on the supply side.
The end result has been our mind-boggling and widely divergent multiple exchange rates which have spooked investors who have taken fright and also taken flight. Sadly, we have effectively “shot ourselves in the foot” by taking ill-advised actions that crippled both forex inflows and the Service sector in particular (over 50% of GDP);
2) Three preceding administrations ended up brokering peace deals with Niger Delta militants. FGN should urgently pursue high-powered negotiations which should be brokered by persons with a healthy track record in this activity and the ancillary pipeline protection business – it can net FGN $6bn a year. In the longer term, I favour a constitutional amendment that reserves a one per cent (1%) royalty payment to immediate host communities on ALL mining and mineral producing activity (including limestone, oil, precious stones etc.). Communities will then be well incentivized to keep production activity going. This is preferable to a long-term reliance on amnesty payments which constitute a moral hazard. A 13% derivation payment to a possibly “unaccountable and distant” State Governor does not filter down to host communities;
3) We should simultaneously embark upon some asset sales which improve long-term efficiency and will yield foreign currency. I argued in my 01 October, 2016 published LETTER TO MY COUNTRYMEN that the FGN share of the major Oil Joint Ventures (IOCs) should be sold down to 40% or no more than 49%. This would represent a replica of the highly successful Nigeria LNG (NLNG) model that provides a healthy dividend stream for the Government. If it is good for NLNG, then it should be good for the IOCs too. Asset sales can yield $15-20 billion over the course of the next two years if planned carefully;
4) We urgently need to deregulate the entire downstream petroleum sector and also privatise NNPC’s three refineries + depots and pipelines and domestic gas;
5) Our civil/public service is still bloated, corrupt and inefficient and has become the excuse for a privileged 2% of the population to consume close to 60-70% of the annual budget via the recurrent expenditure vote. Methinks mass redundancies are now inevitable because the nation is stuck with a public service and legislators that we could only afford at $100 per barrel oil prices;
6) Less than 25% of our 36 States are economically viable. The obvious answer is political restructuring, as unpalatable as it may sound to some. In terms of overhead spending, we have to rejig our political structure so that significant overheads are transferred from 36 states to 6 zonal centres. We should keep an open mind towards this political restructuring argument because it is not even true that homogeneity within a State or zone necessarily guarantees peace. Somalia is homogenous and yet it is probably the closest thing there is today globally to a failed State. Conversely, there are communities, States and nations around the world which are heterogeneous, but which are living peacefully together;
7) To help overcome, the social and physical infrastructure deficit, we must embrace the private sector as the engine of growth and a capable partner/financier of infrastructural development. The Power and Transportation sectors are crying for more and not less privatisation. The logic of the power sector reforms was built around the adoption of cost-reflective tariffs, which we have since thrown out of the window. The transmission sector and gas supply difficulties are some of the other weak links in the power value chain;
8) A dysfunctional legal system is an impediment to the rapid growth of a modern economy. The Chief Justice of the Federation must “buy into” and spearhead radical reform of our legal system;
9) The anticorruption crusade will only complement the positive changes envisaged above if the Government itself respects the rule of law and obeys the Courts. We should err on the side of extending the “benefit of the doubt” to accused persons whenever allegations cannot be proven beyond reasonable doubt. It is better to let four people who might be guilty go free than to convict one innocent man. The latter drains all the energy out of the anticorruption crusade and also destroys business confidence;
10) Restoring business confidence should be the primary preoccupation guiding virtually every statement by public officers. This calls for a paradigm shift because the current preoccupation is for every Minister, Governor, Regulator or overzealous official to threaten investors with closure, bankruptcy, fines or seizure of their goods. Frightened businessmen (local or foreign) will not invest. We should be wooing investors instead of threatening them;
11) FGN should immediately appoint directors to the boards of every regulatory agency. The important lesson from the recent Financial Reporting Council of Nigeria imbroglio is that a single rogue regulator can hold the entire system to ransom, help destroy business confidence and hamper economic growth. This only becomes possible when the checks and balances which our laws envisaged, through the appointment of Boards, Council members or Commissioners, are not in place.
CONCLUSION
Our economy is underperforming because, amongst other things, it is caught up in a low foreign exchange trap. Borrowing forex without instituting necessary and badly needed economic and structural reforms is akin to suicide. Those who are canvassing for more foreign debt simply because our debt/GDP ratio is low are overlooking the fact that our debt service ratios are already high. Our debt service ratios are high because our Tax/GDP ratio at 6% is exceedingly poor and so it will require a few years of concerted action to raise it significantly. Relying on debt alone to ease the forex trap is therefore a high risk strategy. That is why I also emphasise 2) and 3) above.
Nigerians take pride in arguing that the Lord loves us and so he always intervenes by bringing us back from the precipice in the nick of time. I do not doubt that. What I truly believe is that the Lord intervenes through people. After the unbridled insults that were heaped on the Emir of Kano and a few others who dared to tell the Government the truth about the parlous state of our economy, the easiest path for me would have been to keep quiet or to simply blame speculators, detractors or past regimes. If I did that then the attack dogs would have won. NO, I am not about to abandon my right to free speech on account of some insincere sycophants.
I speak because I want my country to improve.
So help me God.
*Atedo N A Peterside, CON, is the President & Founder of ANAP Foundation and is also the Chairman of Stanbic IBTC Holdings Plc and Cadbury Nigeria Plc
(Extracted from a presentation delivered in Abuja on 19 Jan. 2017 at the 14th Daily Trust Dialogue on BEYOND RECESSION: TOWARDS A RESILIENT ECONOMY) Twitter: @AtedoPeterside
Feature/OPED
How Christians Can Stay Connected to Their Faith During This Lenten Period
It’s that time of year again, when Christians come together in fasting and prayer. Whether observing the traditional Lent or entering a focused period of reflection, it’s a chance to connect more deeply with God, and for many, this season even sets the tone for the year ahead.
Of course, staying focused isn’t always easy. Life has a way of throwing distractions your way, a nosy neighbour, a bus driver who refuses to give you your change, or that colleague testing your patience. Keeping your peace takes intention, and turning off the noise and staying on course requires an act of devotion.
Fasting is meant to create a quiet space in your life, but if that space isn’t filled with something meaningful, old habits can creep back in. Sustaining that focus requires reinforcement beyond physical gatherings, and one way to do so is to tune in to faith-based programming to remain spiritually aligned throughout the period and beyond.
On GOtv, Christian channels such as Dove TV channel 113, Faith TV and Trace Gospel provide sermons, worship experiences and teachings that echo what is being practised in churches across the country.
From intentional conversations on Faith TV on GOtv channel 110 to true worship on Trace Gospel on channel 47, these channels provide nurturing content rooted in biblical teaching, worship, and life application. Viewers are met with inspiring sermons, reflections on scripture, and worship sessions that help form a rhythm of devotion. During fasting periods, this kind of consistent spiritual input becomes a source of encouragement, helping believers stay anchored in prayer and mindful of God’s presence throughout their daily routines.
To catch all these channels and more, simply subscribe, upgrade, or reconnect by downloading the MyGOtv App or dialling *288#. You can also stream anytime with the GOtv Stream App.
Plus, with the We Got You offer, available until 28th February 2026, subscribers automatically upgrade to the next package at no extra cost, giving you access to more channels this season.
Feature/OPED
Turning Stolen Hardware into a Data Dead-End
By Apu Pavithran
In Johannesburg, the “city of gold,” the most valuable resource being mined isn’t underground; it’s in the pockets of your employees.
With an average of 189 cellphones reported stolen daily in South Africa, Gauteng province has become the hub of a growing enterprise risk landscape.
For IT leaders across the continent, a “lost phone” is rarely a matter of a misplaced device. It is frequently the result of a coordinated “snatch and grab,” where the hardware is incidental, and corporate data is the true objective.
Industry reports show that 68% of company-owned device breaches stem from lost or stolen hardware. In this context, treating mobile security as a “nice-to-have” insurance policy is no longer an option. It must function as an operational control designed for inevitability.
In the City of Gold, Data Is the Real Prize
When a fintech agent’s device vanishes, the $300 handset cost is a rounding error. The real exposure lies in what that device represents: authorised access to enterprise systems, financial tools, customer data, and internal networks.
Attackers typically pursue one of two outcomes: a quick wipe for resale on the secondary market or, far more dangerously, a deep dive into corporate apps to extract liquid assets or sellable data.
Clearly, many organisations operate under the dangerous assumption that default manufacturer security is sufficient. In reality, a PIN or fingerprint is a flimsy barrier if a device is misconfigured or snatched while unlocked. Once an attacker gets in, they aren’t just holding a phone; they are holding the keys to copy data, reset passwords, or even access admin tools.
The risk intensifies when identity-verification systems are tied directly to the compromised device. Multi-Factor Authentication (MFA), widely regarded as a gold standard, can become a vulnerability if the authentication factor and the primary access point reside on the same compromised device. In such cases, the attacker may not just have a phone; they now have a valid digital identity.
The exposure does not end at authentication. It expands with the structure of the modern workforce.
65% of African SMEs and startups now operate distributed teams. The Bring Your Own Device (BYOD) culture has left many IT departments blind to the health of their fleet, as personal devices may be outdated or jailbroken without any easy way to know.
Device theft is not new in Africa. High-profile incidents, including stolen government hardware, reinforce a simple truth: physical loss is inevitable. The real measure of resilience is whether that loss has any residual value. You may not stop the theft. But you can eliminate the reward.
Theft Is Inevitable, Exposure is Not
If theft cannot always be prevented, systems must be designed so that stolen devices yield nothing of consequence. This shift requires structured, automated controls designed to contain risk the moment loss occurs.
Develop an Incident Response Plan (IRP)
The moment a device is reported missing, predefined actions should trigger automatically: access revocation, session termination, credential reset and remote lock or wipe.
However, such technical playbooks are only as fast as the people who trigger them. Employees must be trained as the first line of defence —not just in the use of strong PINs and biometrics, but in the critical culture of immediate reporting. In high-risk environments, containment windows are measured in minutes, not hours.
Audit and Monitor the Fleet Regularly
Control begins with visibility. Without a continuous, comprehensive audit, IT teams are left responding to incidents after damage has occurred.
Opting for tools like Endpoint Detection and Response (EDR) allows IT teams to spot subtle, suspicious activities or unusual access attempts that signal a compromised device.
Review Device Security Policies
Security controls must be enforced at the management layer, not left to user discretion. Encryption, patch updates and screen-lock policies should be mandatory across corporate devices.
In BYOD environments, ownership-aware policies are essential. Corporate data must remain governed by enterprise controls regardless of device ownership.
Decouple Identity from the Device
Legacy SMS-based authentication models introduce avoidable risk when the authentication channel resides on the compromised handset. Stronger identity models, including hardware tokens, reduce this dependency.
At the same time, native anti-theft features introduced by Apple and Google, such as behavioural theft detection and enforced security delays, add valuable defensive layers. These controls should be embedded into enterprise baselines rather than treated as optional enhancements.
When Stolen Hardware Becomes Worthless
With POPIA penalties now reaching up to R10 million or a decade of imprisonment for serious data loss offences, the Information Regulator has made one thing clear: liability is strict, and the financial fallout is absolute. Yet, a PwC survey reveals a staggering gap: only 28% of South African organisations are prioritising proactive security over reactive firefighting.
At the same time, the continent is battling a massive cybersecurity skills shortage. Enterprises simply do not have the boots on the ground to manually patch every vulnerability or chase every “lost” terminal. In this climate, the only viable path is to automate the defence of your data.
Modern mobile device management (MDM) platforms provide this automation layer.
In field operations, “where” is the first indicator of “what.” If a tablet assigned to a Cape Town district suddenly pings on a highway heading out of the city, you don’t need a notification an hour later—you need an immediate response. An effective MDM system offers geofencing capabilities, automatically triggering a remote lock when devices breach predefined zones.
On Supervised iOS and Android Enterprise devices, enforced Factory Reset Protection (FRP) ensures that even after a forced wipe, the device cannot be reactivated without organisational credentials, eliminating resale value.
For BYOD environments, we cannot ignore the fear that corporate oversight equates to a digital invasion of personal lives. However, containerization through managed Work Profiles creates a secure boundary between corporate and personal data. This enables selective wipe capabilities, removing enterprise assets without intruding on personal privacy.
When integrated with identity providers, device posture and user identity can be evaluated together through multi-condition compliance rules. Access can then be granted, restricted, or revoked based on real-time risk signals.
Platforms built around unified endpoint management and identity integration enable this model of control. At Hexnode, this convergence of device governance and identity enforcement forms the foundation of a proactive security mandate. It transforms mobile fleets from distributed risk points into centrally controlled assets.
In high-risk environments, security cannot be passive. The goal is not recovery. It is irrelevant, ensuring that once a device leaves authorised hands, it holds no data, no identity leverage, and no operational value.
Apu Pavithran is the CEO and founder of Hexnode
Feature/OPED
Daniel Koussou Highlights Self-Awareness as Key to Business Success
By Adedapo Adesanya
At a time when young entrepreneurs are reshaping global industries—including the traditionally capital-intensive oil and gas sector—Ambassador Daniel Koussou has emerged as a compelling example of how resilience, strategic foresight, and disciplined execution can transform modest beginnings into a thriving business conglomerate.
Koussou, who is the chairman of the Nigeria Chapter of the International Human Rights Observatory-Africa (IHRO-Africa), currently heads the Committee on Economic Diplomacy, Trade and Investment for the forum’s Nigeria chapter. He is one of the young entrepreneurs instilling a culture of nation-building and leadership dynamics that are key to the nation’s transformation in the new millennium.
The entrepreneurial landscape in Nigeria is rapidly evolving, with leaders like Koussou paving the way for innovation and growth, and changing the face of the global business climate. Being enthusiastic about entrepreneurship, Koussou notes that “the best thing that can happen to any entrepreneur is to start chasing their dreams as early as possible. One of the first things I realised in life is self-awareness. If you want to connect the dots, you must start early and know your purpose.”
Successful business people are passionate about their business and stubbornly driven to succeed. Koussou stresses the importance of persistence and resilience. He says he realised early that he had a ‘calling’ and pursued it with all his strength, “working long weekends and into the night, giving up all but necessary expenditures, and pressing on through severe setbacks.”
However, he clarifies that what accounted for an early success is not just tenacity but also the ability to adapt, to recognise and respond to rapidly changing markets and unexpected events.
Ambassador Koussou is the CEO of Dau-O GIK Oil and Gas Limited, an indigenous oil and natural gas company with a global outlook, delivering solutions that power industries, strengthen communities, and fuel progress. The firm’s operations span exploration, production, refining, and distribution.
Recognising the value of strategic alliances, Koussou partners with business like-minds, a move that significantly bolsters Dau-O GIK’s credibility and capacity in the oil industry. This partnership exemplifies the importance of building strong networks and collaborations.
The astute businessman, who was recently nominated by the African Union’s Agenda 2063 as AU Special Envoy on Oil and Gas (Continental), admonishes young entrepreneurs to be disciplined and firm in their decision-making, a quality he attributed to his success as a player in the oil and gas sector. By embracing opportunities, building strong partnerships, and maintaining a commitment to excellence, Koussou has not only achieved personal success but has also set a benchmark for future generations of African entrepreneurs.
His journey serves as a powerful reminder that with determination and vision, success is within reach.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn











