Feature/OPED
Battling Hyperinflation: How Savecoins Technologies Can Empower Low-Income Nigerians to Hedge Against Inflation with USDT

By Godstime Joseph Asukwo
Abstract
This paper examines the devastating impact of hyperinflation on low-income earners in Nigeria, where the Nigerian Naira has plummeted to a record low of 1,600 Naira to 1 US dollar. By analyzing Savecoins Technologies Inc.’s efforts to offer a platform for hedging savings in USDT, a stablecoin, this paper evaluates the effectiveness of such a product for this vulnerable demographic. It offers a comprehensive, data-driven analysis of the challenges and opportunities, along with actionable recommendations for how we, at Savecoins, can build sustainable, long-term solutions to help Nigerians secure their financial future amidst economic instability.
Introduction
The Nigerian economy has been ensnared in a relentless cycle of hyperinflation for several years, pushing the country into a state of unprecedented economic crisis. The official exchange rate of the Naira against the US dollar, once a manageable 300 Naira to 1 USD in 2021, has skyrocketed to a staggering 1,600 Naira to 1 USD in 2024. This hyperinflationary crisis has disproportionately impacted low-income earners, severely eroding their purchasing power and making it increasingly difficult to afford basic necessities.
The impact on low-income Nigerians is far more than just a matter of numbers. It’s about families struggling to feed their children, facing agonizing choices between healthcare and rent, and losing hope for a brighter future. In 2021, a family with an income of 50,000 Naira could live comfortably. Today, that same family faces a stark reality – they might only be able to purchase 1/3rd of what they could back then. This is a crisis of purchasing power, and it’s impacting millions of Nigerians.
Here is a concrete example of how prices have skyrocketed in recent years, based on real-time data:
Table 1: Inflation Impact on Essential Goods (2021 vs. 2024)
ITEM | 2021 PRICE (NGN) | 2024 PRICE (NGN) | INCREASE (%) |
50kg Bag of Rice | 20,000 | 75,000 | 275% |
1 Liter of Petrol | 165 | 1,300 | 685% |
Transportation (Bus Fare) | 100 | 500 | 400% |
Basic Healthcare Consultation | 2,000 | 4,500 | 125% |
Monthly Rent (1 Room Apartment) | 5,000 | 12,000 | 140% |
1 Crate of Eggs | 500 | 8,000 | 1500% |
Monthly Electricity Bill | 3,000 | 7,000 | 133% |
1kg of Beef | 1,500 | 3,800 | 153% |
These numbers paint a stark picture of the financial hardship faced by low-income Nigerians. A family that could afford a decent basket of food, transportation, and basic healthcare in 2021 is now struggling to meet even those essential needs.
The Impact on Low-Income Households
Consider a family with a monthly income of 100,000 Naira, a common income level for many low-income households in Nigeria. In 2021, this family could have allocated their income as follows:
Table 2: Hypothetical Family Budget (2021)
EXPENSE CATEGORY | 2021 BUDGET (NGN) | PERCENTAGE OF INCOME |
Food | 30,000 | 30% |
Rent | 15,000 | 15% |
Transportation | 10,000 | 10% |
Education | 10,000 | 10% |
Healthcare | 5,000 | 5% |
Utilities | 10,000 | 10% |
Savings | 20,000 | 20% |
Now, in 2024, due to hyperinflation, this same family faces a drastically different reality:
Table 3: Hypothetical Family Budget (2024)
EXPENSE CATEGORY | 2024 BUDGET (NGN) | PERCENTAGE OF INCOME |
Food | 50,000 | 50% |
Rent | 25,000 | 25% |
Transportation | 10,000 | 10% |
Education | 15,000 | 15% |
Healthcare | 10,000 | 10% |
Utilities | 15,000 | 15% |
Savings | -25,000 (Deficit) | -25% |
This hypothetical family is now forced to allocate almost all of their income to basic necessities, leaving them with a substantial deficit and no room for savings. This scenario is a stark reality for millions of low-income earners in Nigeria, highlighting the urgent need for solutions to combat hyperinflation and protect their financial well-being.
Understanding the Target Audience
Low-income earners in Nigeria are particularly vulnerable to the effects of hyperinflation. They often lack access to traditional financial instruments, including bank accounts, which can help to mitigate the effects of inflation. They rely heavily on cash and informal savings mechanisms, making them highly susceptible to the rapid erosion of purchasing power.
USDT: A Potential Hedge Against Inflation
USDT, a stablecoin pegged to the US dollar, offers a potential solution to this problem. By pegging its value to the US dollar, USDT provides a stable store of value, shielding its holders from the volatility of local currencies. This makes it an attractive alternative for those looking to preserve their savings in a hyperinflationary environment.
Savecoins: Bridging the Gap
We, at Savecoins, recognize the urgent need for accessible and secure financial solutions for low-income earners. Our platform is designed to empower this vulnerable demographic by offering a simple and user-friendly way to convert part of their Naira savings into USDT, effectively hedging against the devastating effects of inflation.
The Savecoins Advantage
Savecoins utilizes a decentralized and secure blockchain-based system, offering a secure and transparent platform for managing digital assets. We are constantly working to improve user experience and provide the following features:
Ease of Use: We have designed our platform to be intuitive and user-friendly, even for those with limited digital literacy.
Accessibility: Users can access our platform on their mobile devices or through a web browser, making it easily accessible to a wider audience.
Security: We prioritize the security of user funds, implementing robust security measures to protect against fraud and cyberattacks.
Transparency: We are committed to transparency in all our operations, providing users with clear information about their transactions and account activity.
Case Study: The Adegoke Family
Let’s consider the Adegoke family, living in Lagos with a monthly income of 100,000 Naira. In 2021, they were able to save 20,000 Naira per month, as seen in Table 2. However, in 2025, as shown in Table 3, their savings have been completely wiped out due to hyperinflation, leaving them with a deficit of 25,000 Naira.
If the Adegoke family had used Savecoins to save a portion of their savings in USDT since 2021, their situation would be drastically different.
Let’s assume they saved 10,000 Naira into USDT every month starting in 2021.
Due to a significant increase in the USD to NGN exchange rate of 347.37% from 2021 to 2025, those 10,000 Naira saved each month in USDT would be worth about 44,737 Naira each by 2024.
By 2024, the Adegoke family would have accumulated about 2,147,712 Naira worth of USDT. At the 2024 market value, this is approximately 2,147,712 Naira more than their current savings situation, representing a substantial increase in purchasing power due to the dramatic change in exchange rates.
This example illustrates how Savecoins could have helped the Adegoke family preserve their purchasing power and avoid a substantial financial deficit.
The Impact of Hyperinflation: A Predictive Analysis
The hyperinflationary environment is projected to continue, further eroding the value of the Naira. This trend has far-reaching implications for low-income Nigerians, potentially exacerbating existing financial vulnerabilities and pushing many into deeper poverty.
By utilizing predictive analysis, we can model the potential impact of Savecoins on low-income earners over the next few years:
Scenario 1: No Action Taken
Without adopting solutions like Savecoins, the purchasing power of low-income earners will continue to decline at an alarming rate.
The gap between income and expenses will widen, forcing families to make increasingly difficult choices and further restricting their ability to save.
This scenario could lead to a significant increase in poverty and social unrest, as individuals struggle to meet basic needs.
Scenario 2: Savecoins Adoption
With increased adoption of Savecoins, a substantial portion of low-income earners will have access to a stable store of value, enabling them to protect their savings from inflation.
This could lead to greater financial security, improved access to essential goods and services, and a reduction in poverty.
The long-term economic impact could be significant, fostering a more resilient and equitable economy.
Building a Sustainable Future
For Savecoins to make a lasting impact on the lives of low-income Nigerians, we are building a sustainable model that addresses the unique challenges they face. Here’s how we are doing that:
Bridging the Digital Divide: We invest in initiatives to enhance digital literacy and access to smartphones in low-income communities. This includes partnering with local NGOs and educational institutions to offer training programs, providing subsidized access to mobile devices, and creating user-friendly mobile applications that simplify the user experience. We are exploring partnerships with mobile operators to offer affordable data plans and smartphone subsidies to target users.
Building Trust and Partnerships: We will strengthen our relationships with local banks, mobile operators, and government agencies. These partnerships will help us reach a wider audience, build trust among potential users, and integrate our services into existing financial ecosystems. We are also actively engaging with community leaders and local influencers to build awareness and encourage adoption.
Continuous Improvement: We will continually evolve our platform, introducing features and functionalities that meet the specific needs of low-income users. This includes:
Simplified User Interfaces: We will focus on developing intuitive and user-friendly mobile applications that cater to the needs of users with limited digital literacy.
Educational Content: We will create educational resources and campaigns that demystify financial concepts and help users understand the benefits of using stablecoins like USDT.
Risk Management Tools: We will offer tools and resources to help users mitigate potential risks associated with volatility in the cryptocurrency market.
Conclusion
Hyperinflation in Nigeria presents a grave threat to the financial well-being of low-income earners. We, at Savecoins, are committed to empowering this vulnerable demographic with the tools they need to navigate this challenging economic environment. By providing a stable and accessible way to hedge against inflation, we aim to contribute to greater financial security, enabling individuals to save for their futures and build a more resilient economy.
Success depends on addressing the remaining challenges, building robust partnerships, and continually improving our platform and services. As Nigeria continues to grapple with hyperinflation, Savecoins has the potential to become a vital tool for financial inclusion and empowerment, transforming the lives of millions of Nigerians.
Feature/OPED
Sunusi Bature: Time to Take the Podium

By Ahmad Dambazau
The National Assembly is a constitutional locomotive for any purposeful democratic government, it provides checks to the government of the day and a legal basis for the system in general .This basically accounts for the high respect usually accorded and, of course, the attendant high expectation placed on it. The legislative arm of government like any other is saddled with the responsibility enshrined in the constitution and among such major functions includes representation, oversight and law making in addition to many other numerous functions.
Be that as it may, it has been a genuine cause for worry for Nigerians that, despite our series of experimentation with democracy, our legislators have performed below expectation. Their handling of national issues has especially remained without constitutional decorum and political experience required of people of their exalted status. Part 2, Section 4 of the 1999 Constitution, as amended, vests the legislative powers of the federation on the National Assembly which comprises the Senate and House of Representatives.
Dawakin Tofa ,Tofa and Rimin Gado Federal constituency is one of the few constituencies in Nigeria represented by the same legislator for 18 years(2007-2005) despite poor representation .
As the federal constituency searches for the best man to represent them for this serious legislative task. One name keeping ringing bell is Hon Sunusi Bature Dawakin Tofa ,Media and Communication Expert and Director General of Media and Publicity to Kano State Governor.Sunusi has earlier served as the Chief Press Seceretary to the Governor in the early days of the administration .
Mallam Sunusi is a seasoned PR guru, development communication and stakeholder engagement expert with 21 years working experience in both international development, private sector and the Media in Nigeria.
He is a winner of the Cambridge education award on investigative journalism in 2008, Bature has worked at different capacities in various national, International and Bilateral organizations such as the British Foreign and Commonwealth Development Office (FCDO), the United State Agency for Internal Development (USAID), Bill and Melinda Gates Foundation, Save the Children International, Discovery Learning Alliance and the Rockefeller Foundation.
He held several positions which include General Manager Corporate Services at Dantata Foods and Allied Products Limited (DFAP), Director Stakeholder Engagement at YieldWise Project, Country Program Manager at Girl Rising (ENGAGE) Project funded by the US Government, State Project Coordinator for MNCH Campaign Project of the BMGF, Deputy Director Operations at Discovery Learning Alliance, State Program Officer, Policy Advocacy and Media Development, Communication and Knowledge Management Specialist among other positions.
Graduated with a Bachelor’s degree (B.A. Hons.) in Mass Communication from University of Maiduguri, Sanusi holds a National Diploma in Mass communication from Kaduna Polytechnic, a Higher National Diploma (HND) and a Postgraduate Diploma in Public Health Education and Promotion.He also bagged MSc. in Social Work with specialization in Community Development from Ladoke Akintola University of Technology, (LAUTECH) Ogbomosho, Oyo State and another master’s degree in Public Relations (MPR) from the prestigious Bayero University, Kano, Nigeria. He participated in the MSc program on Project Management at Robert Kennedy College, Zurich, Switzerland.Until his appointment, Sunusi Bature served as the Vice President, Nigeria operations for a UK based firm, Kingston Organic PLC.
Hon Dawakin Tofa has opened yet another vista of debate among electorates on the value of quality representation with vigour,expertise and experience of having a wider constituency responsibility and coverage .He has vindicated his mettle among his constituents that even as an appointee of the Governor his eloquent consistent and fearless voice always seeking the improvement of lives of his constituents accountability among representatives of the people.
He is truly a representative of the people though unelected going by the amount of work he was able to do for the overall benefit of his people. In fact, it is worth elucidating that this PR guru was able to touch the lives of the people in his stewardship in the private and public sectors. So far he has proved to be one of the few politicians that attracts government presence to his community. No matter what anyone would say, the amount of dividends of democracy that this community leader was able to bring to the door step of the people is unmatched.
Sunusi Bature’s development credentials and landmarks speaks volumes. The highlights of which were stellar achievements of re-positioning the educational sector in the more definitive ,radically ,progressive and futuristic manner , not to mention the capacity building, empowerment and educational scholarship for his people ,all shone brightly for both his admirers and detractors to access.
The Director General of Media and Publicity to the Governor of Kano State, Sunusi Bature Dawakin Tofa, has been honoured with the prestigious Most Outstanding Spokesperson Award by the Nigeria Institute of Public Relations (NIPR) in collaboration with the Federal Ministry of Information. Dawakin Tofa was selected for this esteemed award in recognition of his instrumental role in promoting not only the positive image of the Kano State Governor and his giant strides also for effectively showcasing the only NNPP ruling state in Nigeria.
In the award citation, Mallam Sunusi was hailed as an unwavering proponent of non-violent communication, renowned for his extensive network and adept delivery of practices with clarity in objectives, and strategic framing of engagements with his audience.His profound impact and effectiveness in perception and reputation management are highly commendable.
In whatever one indulges in there are always people to observe and give their verdict .It is a well- known fact that there is nothing stronger than the people’s verdict.it shows a collective desire which inevitably is the voice of reason. The momentum of Hon Sunusi Bature Dawakin Tofa legislative bid is gathering amongst all strata of the constituency is enough testimony that experienced count in the race for the parliamentary seat.
Dambazau wrote in from Kano
Feature/OPED
Nigeria’s Mining Reforms: Unlocking Investment and Growth

Over the past two years, Nigeria has implemented key policies and reforms to revitalize its mining industry, attract investment and strengthen the sector’s contribution to GDP.
Recent government-led initiatives have streamlined licensing processes, removed bottlenecks and simplified market entry for international investors, enhancing production across the country’s 44 solid mineral types.
As Africa’s premier mining investment event, African Mining Week (AMW) 2025 will convene Nigerian and African stakeholders with global investors and industry leaders to drive deal-making and accelerate sector growth.
Launch of Mineral Resources Decision Support System
In May 2024, the Nigerian Geological Survey Agency unveiled the Mineral Resources Decision Support System to provide global investors with easy access to geological and policy data.
The platform markets Nigeria’s vast mineral resources and critical infrastructure, assisting investors in making informed decisions about the country’s mining sector. By enhancing data transparency and accessibility, the system aims to streamline investment processes and boost investor confidence in Nigeria’s mining industry.
Restructuring of Ministry
To improve efficiency, Nigeria restructured the Ministry of Mines and Steel Development in August 2023, creating two separate entities. The Ministry of Solid Minerals Development focuses on upstream activities and investment facilitation, while the Ministry of Steel Development oversees the development of steel and metallic resources to drive industrial growth. This restructuring aims to enhance sector-specific governance, attract targeted investments and accelerate the country’s mineral and steel value chain development.
Approval of Nigerian Minerals & Mining Bill
Approved in April 2023 and currently under public review, the Nigerian Minerals & Mining Bill aims to introduce incentives for foreign investors while strengthening local content requirements. Once enacted, it will become the sector’s primary legal framework, enhancing transparency and investor confidence.
The bill is also expected to modernize regulatory oversight, ensuring sustainable resource management and aligning Nigeria’s mining sector with global best practices.
Implementation of Nigeria Mineral Value Chain Regulations
Implemented in July 2021, the Nigeria Mineral Value Chain Regulations mandates local processing of raw minerals such as gold and lithium, encouraging downstream investment.
Following this policy, China’s Avatar Energy Materials Company launched a 4,000-ton-per-annum lithium processing facility in Nasarawa State in May 2024, while Ming Xin Mineral Separation Nig Ltd. is developing a lithium processing plant in Kaduna State to support EV e battery production.
These investments mark a significant step toward positioning Nigeria as a key player in the global critical minerals supply chain. Against this backdrop, AMW 2025 will provide a platform for industry leaders to explore Nigeria’s evolving mining landscape and engage with global investors.
Feature/OPED
Natashagate: Suspension in the Eyes of Court Ruling

Abba Dukawa
Despite the position of the Court of Appeal in the case of the Speaker of Bauchi State House of Assembly Vs Hon Rifkatu Samson Danna (2017) 49 W.R.N that a lawmaker is a representative of his people whose membership of the House is guaranteed by the Constitution and not by any other person or persons, the Senate and its leadership have continued to use suspension as an instrument to oppress, intimidate and whip lawmakers into line.
Sadly, the National Assembly has continued to ignore the position of the courts on suspension of lawmakers as the Senate Committee on Ethics, Privileges and Public Petitions recommended a six-month suspension for the lawmaker representing Kogi Central Senatorial District, Senator Natasha Akpoti-Uduaghan, over her dispute with the Senate President, Senator Godswill Akpabio, following her alleged violation of the Senate’s rules.
A few hours after the committee submitted its report, the Senate quickly adopted the recommendations and slammed a six-month suspension on the lawmaker, depriving her senatorial zone representation in the Red Chamber, in violation of the Constitution, which guarantees that each of the 109 senatorial districts in the country shall be represented in the upper legislative chamber.
Her suspension for six months has raised legal issues as it is also in breach of various court judgments in the previous cases involving Senators Ali Ndume and Ovie Omo-Agege, as well as Dino Melaye and 10 other members of the House of Representatives, as well as Bauchi and Ondo states’ lawmakers.
When the Senate on March 30, 2017, suspended Senator Ndume for 90 legislative days for not “conducting due diligence” before filing a petition against the then Senate President, Dr Bukola Saraki, Justice Babatunde Quadri of the Federal High Court in Abuja nullified his suspension, declaring the action illegal, unlawful and unconstitutional. Delivering judgment in the suit marked FHC/ABJ/CS/551/2017, which Ndume filed, the judge said the suspension was in violation of Sections 68 and 69 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Article 13(1) of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act CAP A9 Laws of the Federation of Nigeria, 2004.
The judge consequently ordered the Senate to pay the plaintiff his outstanding salaries and allowances. Again, Justice Nnamdi Dimgba of the Federal High Court in Abuja nullified the suspension, saying that while the National Assembly has the power to discipline its erring members, a legislator could not be suspended for more than 14 days.
A recent scandal involving Senator Natasha Akpoti-Uduaghan and Senate President Godswill Akpabio has raised questions about the integrity of Nigeria’s National Assembly. The controversy began when Akpoti-Uduaghan accused Akpabio of sexual harassment during an interview with Arise Television, alleging that he made inappropriate advances towards her at his residence in Uyo, Akwa Ibom State, in December.
Between February 28 and March 5, several senators publicly defended Senate President Godswill Akpabio, dismissing Senator Natasha Akpoti-Uduaghan’s allegations of sexual harassment. Senator Neda Imasuen, Chairman of the Senate Committee on Ethics, Privileges, and Public Petitions, was among those who defended Akpabio.
Undeterred, Akpoti-Uduaghan formalized her accusations by submitting a petition to the Senate on March 5, urging her colleagues to investigate her claims. However, the Senate swiftly dismissed the petition, citing a rule that prohibits senators from submitting petitions signed by them. Chairman Imasuen declared the petition “dead on arrival,” referencing Order 40, Subsection 4 of the Senate Standing Orders. The next day, the Senate voted to suspend Akpoti-Uduaghan for six months, citing misconduct and actions that allegedly brought the institution into disrepute. Akpoti-Uduaghan has rejected the Senate’s decision, vowing to continue representing her constituents.
In a statement, she condemned the move, saying: “Against the culture of silence, intimidation, and victim-shaming, my unjust suspension invalidates the principles of natural justice, fairness, and equity.” Akpoti-Uduaghan emphasized that her suspension does not withdraw her legitimacy as a senator and that she will continue to serve her constituents and the country until 2027 and beyond.
Former Senate President Bukola Saraki has called for a transparent investigation into the matter, emphasizing the need to safeguard the Senate’s integrity. However, the Senate’s decision to suspend Akpoti-Uduaghan for six months without investigating her allegations has sparked widespread criticism.
The Nigerian Bar Association Women Forum (NBAWF) Chairperson, Barrister Huwaila Ibrahim, has urged Senate President Godswill Akpabio and Senator Natasha Akpoti-Uduaghan, Chairman of the Senate Committee on Diaspora, to undergo a transparent and open investigation into allegations of misconduct involving both parties.
According to Ibrahim, an investigation would allow Senator Akpabio to clear his name and Senator Akpoti-Uduaghan to substantiate her claims.
Additionally, Ambassador Zainab Mohammed, spokesperson for the Coalition of Women in Governance (CWIG), has called for Senator Akpoti-Uduaghan’s recall following her six-month suspension, citing concerns that the suspension constitutes an assault on democracy and a betrayal of collective values
After she dropped the bomb, a flurry of activities ensued. Senator Ireti Kingibe, a serving female senator, and two former female senators, Senator Abiodun Olujimi and Senator Florence Ita-Giwa, were invited to share their views. However, their submissions were met with widespread disappointment. While arguing for adherence to rules is valid, it’s essential to recognize that rules should be applied fairly and without bias, especially in institutions of great importance.
It was clear that Senator Natasha felt beleaguered, believing the Senate President had a score to settle with her. If this was the case, I expected the three senators to support a process that would allow Senator Natasha to shed light on her serious allegations of sexual harassment, beyond national television, and for the Senate President to defend himself transparently.
To people’s horror, none of the female senators stood up for another woman. Even if they thought Senator Natasha was misguided, she was still entitled to have her fears and concerns heard. It’s painful that they missed the opportunity to address the constant intimidation, gas-lighting, and belittling women in leadership positions face.
To women who have publicly opposed Senator Natasha, there is news for you: you’re not fighting the same battle as most male senators or men who have aired their views. You’re not on the same page; you’re not even reading the same book.
If this was just about Senator Natasha following rules and not disrupting the space for women in politics, the problem could be easily fixed. Familiarizing herself with Senate rules and proceedings would make her work more productive.
However, this is not what’s at play. What’s happening is a full-scale war on women in public life, with clear lines drawn. Women need to wake up! We need to battle powerful forces that want women to remain silent in the face of provocation and abuse.
People don’t have to like Senator Natasha Uduaghan, but she deserves respect, to be heard, and allowed justice. The silence of feminist organizations and women’s rights advocates is deafening. The controversy has ignited a national debate, with many Nigerians demanding a thorough investigation into the allegations and an end to the culture of silence and intimidation.
Abba Dukawa writes from Kano can be reached via abbahydukawa@gmail.com
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