Feature/OPED
Oliver Fejiro, Journalist Of Many Lies Against Delta State Government
By Ephraim Okwuosa
In any credible democratic setting, it is elementary knowledge that a journalist is at liberty to think, decide and write on what is believed to be independent opinion on an issue that is topical or of common interest.
However, it is also low in logic and intellect for any journalist to assume that the right of free expression is a license to convey baseless, superfluous and reckless aspersions against some persons or group.
Indeed, any journalist that assumes such an exclusive preserve to create improper and unfair remarks without just, rational and legitimate basis is huge joke and disaster to professional journalism.
Unfortunately, the tendency of few journalists to misuse the seeming unbridled license extended to the practice of journalism is enormous minus for this honourable profession. This self-styled journalism of advancing skewed motives and biased reporting is quite evident in this era of new media where it has become a common practice to publish articles without thorough investigation.
Most of the time, this minority set of writers in their attempt to tarnish the reputation and dignity of their targets for self-interest, write scurrilous articles with conclusions that not only impute partiality but covey improper motives. Sadly, such reports are converse to tolerable standards in the conduct of proper journalism in Nigeria.
A telling example of such media negativity is found in a recent article, titled ‘Gov Okowa, Goodbye to Second Term’ by one Fejiro Oliver which was published in many online media. The write up which ought to have conveyed views that should provide credible reasons why the incumbent Governor Okowa of Delta State does not deserve a second term deviated entirely from readers’ expectation. Rather it dwelled on an unconnected but sensitive issue relating to Delta state Governor’s unwillingness to go the usual old way of sharing money amongst politicians and supposed friends including the writer, Fejiro.
Frankly put, it would not have even mattered whether or not the views expressed in the article are in favour or against Governor Okowa as it is a moral task of any responsible citizen in a democratic setting to hold their elected leadership accountable and critique or interrogate their policies which are considered bad.
Unfortunately, the article on prediction of 2019 Delta governorship elections is a far departure from constructive analysis on Governor Okowa’s performance or inadequacy in government.
That Oliver Fejiro’s article did not contain any meaningful deconstruction of the efforts or otherwise of the Delta State government is not strange but remains very disturbing and misleading in this modern era where readers reach conclusions based on newspaper opinions.
The write up which did not offer readers any genuine basis for judgement is best regarded as a work of fiction and deliberate attempt to advance deception through journalism. According to the writer’s comments on Governor Okowa, “As a governor, he’s extremely nice and dedicated to work. He has the heart of gold to deliver prosperity to Deltans.
He has the desire to truly make Delta the hub of industrialization and a commercial city of repute, but unfortunately swallowed by unseen hands that manipulate him”.
These remarks on Governor Okowa are very conflicting, self-contradicting and may not even call for any meaningful argument on the topic.
Unequivocally, from this singular narrative, it is obvious that the writer’s major focus was certainly not do any honest analysis on the Okowa’s administration or on what it portends for the people of Delta state but to pour a baggage of criticisms on the aides of the Governor.
In fact, it is very twisty, crude and unrefined for any responsible journalist to describe a Governor as good, yet openly stimulate fears into him that he is carrying burning coals in his hands because money is not being shared to persons termed political supporters.
Granted that in a democracy, it is the right of any person to express personal views on issues but from additional comments in Fejiro’s article, the substance in his allegations against Governor Okowa’s aides is of little value to good governance and appraisal of an administration’s performance.
Actually, If the real intent of the article was to embarrass and infuse confusion in the minds of the public about Delta State Government’s estimation, then the writer foundered on his weak ability to find quality logic and proof.
His introduction of half-truths that have no relevance to evaluating Okowa’s governance clearly buttresses the assumption that the assessment of Governor Okowa’s leadership was not a major interest.
Specifically, Fejiro’s political write up which lays great emphasis on Governor Okowa’s defiance to ‘share the money’ after his claim of personal meeting in which he proffered suggestions that have not been implemented probably for Delta State resources to be transferred to individual pockets of politicians and appointees is not only dubious, wicked but exposes his myopic and selfish interest which does not serve common good.
Fejiro’s lack of understanding that it is no longer business as usual is because he may not possess an analytical mind to do a simple analysis of the Delta State troubling financial situation nor can he understand that the nation’s recession era has a direct proportionate impact on the State’s revenue especially in the period where militant activities have affected oil derivation revenue and by extension resources of Delta State Oil Producing Areas Development Commission, DELSOPADEC’ which he mentioned has been deprived of appropriate funding.
The question herein, is what nature of development one should expect without cessation of violence.
In fact, Fejiro’s engagement in journalism based on distortion of facts to advance non-objective criticisms is very unacceptable. The writer’s spotlighting of Governor Okowa’s aides whom from several accounts refused to recognise him as a credible journalist or patronize his demands is outright blackmail and extortion on the part of Fejiro.
This was even affirmed by the writer in his remarks on his interaction with the Delta State Commissioner for Economic Planning, Kingsley Emu whom he mocked and adjudged as being a mediocre in politics for the disclosure that ‘the governor has blocked the loopholes through which funds are siphoned’. Perhaps, this private discussion could have taken place when Fejiro went soliciting for financial support.
Besides the above postulations and facts, truly, if Fejiro was of stable mind, he would have known that there would be historical obstacles to his career in the type of journalism he practices. The point herein is that if he thinks that time would have healed his self-inflicted wounds or blocked our memory on his past misdeeds, he has certainly failed on such assumptions by his quick return to public forum of controversy.
In fact, any time I read stories by Oliver Fejiro, I wonder at his claims of being an investigative reporter without an intrinsic probing mind and knack for details.
If really, investigative journalism were to be all about engaging in loose reporting ethics and blackmail, then Fejiro is on a good track.
Otherwise, he may just be counted as one of those that integrity means little to and would at any slight opportunity use such a title of investigative journalist to advance sinister motivations.
Indeed, it is actually shocking that Fejiro forgets that when he writes and publishes on new media, his old articles are readily available for review and critique. Indeed, after reading some of his previous articles where he praised the actions of Governor Okowa and his aides, my guess now is that his initial idea was to pretentiously promote the government with the expectation that so much millions of naira will be tossed in his pocket.
Obviously, when this ploy did not yield immediate harvest, he reverted to his plan B by terming Governor Okowa “a promise and fail politician” and began to attack the many aides of Governor. Unfortunately, for him, these aides may be more clever than he had rated them as they have little or no respect for him given his ugly antecedent of failed attempt at extorting the former Governor of Niger State, Babangida Aliyu, an incident which was foiled by the gallant officers of the Department of State Services and was widely reported in National news media.
From all superior logic, Fejiro cannot be regarded as an asset to credible media and journalism in Nigeria.
Certainly, he is not the everyday journalist that is satisfied with “thank you for coming’ brown envelop even in all its dishonourable forms. Rather, he runs a media outfit a.k.a ‘Secret Reporters’ which he purports conducts investigative journalism but in reality it is a phony scheme with a special agenda that is alleged to be a first class brand of blackmailers which not only churns out negative stories but manufactures lies to make them look like truth against individuals he has marked out for extortion.
That the aides of a governor are not collaborating with a particular journalist cannot be termed a political negative against such a Governor but Fejiro definitely feels different on this and he is entitled to his opinion. Nevertheless, from every good judgement and wisdom, it is easy to decipher that there is a bit more to Fejiro’s motivation in journalism. Particularly, his remarks that some persons in Delta State are not happy probably because money is not being distributed, suggests that Fejiro must be seen as he is, a nagging worry for more money. His deliberate, motivated and calculated attempt to bring down the image of the Governor in the estimation of the public because of self-aggrandizement is quite disappointing too.
Any credible journalist should be aware of the diminished economic situation in Delta state as an oil producing State but to Fejiro, everything else is less important including the Governor’s attempt in tackling the high levels of poverty and ensuring equity through the new job creation initiative, improved security, construction of link roads in all sections of the State, appointment of political appointees across the state, facilitation of visible major socio-economic development, struggle to ensure monthly salary are paid to oversized sixty thousand civil servants, bridging gap in communication with the governed through establishment of a very vibrant Orientation Directorate and credible efforts to sustain on-going economic empowerment of youths and women. In truth, if Fejiro was not blinded by falsehoods, he would have noticed that all these bear testament to the quality leadership of his state Governor that operates with less than a third of monthly revenue earned by his predecessors.
In any case, such achievements remain a visible chapter in the Governor Okowa’s less than two years stay in office and are signposts of developments ahead.
Specifically, on Fejiro’s ranting on Governor Okowa’s appointment his personal aides from his region, I doubt if any politician will resist the temptation to do what is needful provided it does not affect the even distribution of major appointments across the State.
Fejiro’s reference on alleged payment of two billion naira for Asaba airport safety enhancement by the State Government is false.
In fact, from this it is obvious that Fejiro is a man that is comfortable with conflicts and engages in a spiral of distortion of facts.
Perhaps, this could have been his reason for stating that a project which is contractor financed through a bank guarantee and under the direct supervision of certified experts by the Nigerian Aviation Authorities has been paid for.
Again, his analysis on Delta Sports Commission is clear exhibition of ignorance because what the former Governor Uduaghan disbursed as monthly grant to the Commission through his in law, Amaju Pinnik which Fejiro referenced to as a performer is more than what the present leadership of the same Sports Commission has collected in the past one year despite the fact that it being headed by Tony Okowa, a seasoned politician and brother of Governor Okowa.
This is where it is expected that the fundamental action for Governor Okowa’s media aides should be to call for an end to Fejiro’s impunity and engagement in falsehood by providing credible evidence to counter Fejiro’s many lies especially given that a lie becomes truth when it is repeated without objection.
From Fejiro’s antecedent, he appears like a man trapped in a lazy world of blackmailers that use the media to persuade people to think and behave in a certain manner that will ensure that money is disbursed to him. Indeed, his style of journalism not only makes a caricature of many credible unbiased media outfits that erroneously publish his lies but creates anxiety in the minds of the reading people on the quality and integrity of Nigerian journalism.
The only comfort herein, is that Fejiro’s practice of journalism will in little or no time be crushed by greed and selfishness.
Fejiro’s unceasing desire to write Okowa’s government to tatters with a plethora of half-truths cannot change the reality in Delta State recent improvements.
In truth, Ifeanyi Okowa may not really be an angel in politics because it is calling where angels don’t thrive, however, he remains a man that stands head and shoulders above his predecessors given his leadership style and work done with minimal resources.
For now, let the leadership in Delta State remain focused and undistracted by Fejiro’s tricks as 2019 elections will confirm the veracity of claims in favour or against Governor Okowa.
Dr Ephraim Okwuosa is the co-ordinator, Anti-Corruption Advocates, Area 11, Garki, Abuja
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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