Feature/OPED
Reflecting on a Catholic Priest’s 30 years Of Liberal Thoughts
By Jerome-Mario Utomi
Taken objectively, Rev. Fr. Victor Ibude, from Agbor, Delta State, Nigeria, is a Catholic Priest ordained about 30 years ago precisely in the year 1993, who in the first instance went to the seminary with no ambition of becoming a priest but only went in thanksgiving to God for aiding him score distinction in his examination as conducted by the West African Examination Council (WAEC).
He was, however, through divine arrangement and natural order of things, ordained a Priest of the Catholic Church on the aforementioned date.
Essentially, by his ordination which was administered by His Lordship, Most Rev. (Dr) Anthony Gbuji, Bishop of Issele-Uku Diocese (as he then was), Fr. Victor, like other Rev. Fathers in the catholic faith, became a Priest, a Prophet and a King, laced with the capacity to perform every spiritual, human and other responsibility associated with the position/office.
Beyond these statutory responsibilities, a peep into his 30-year existential journey in Priesthood reveals something new and different. He is not only embodied with a spiritual relationship with God, which of course is a prerequisite demand for the vocation but principally exudes a liberal thought system that positively defines his views and approach to issues.
The above unique attributes daily manifest through exceptional intellectual achievements among other documented feats. recently came to the fore during a media parley with him, as part of a programme lined up to mark his 30th Priestly ordination cum book presentation slated for Sunday, December 10, 2023, in Alisimie village, Ika South Local Government Area of Delta state.
Aside from revealing that he has authored over fifty (50) books on different topical issues, with plans underway to hit 100 books at a record time, Fr. Ibude, who was a Professor of Philosophy, used to his credit, the opportunity provided by the interview to highlight on critical human and developmental issues as well as addressing some unsettled religious doctrinal commentaries.
Beginning with insight into his choice of priesthood as against other fields of endeavours, Fr. Ibude explained that his going to the seminary was a result of an event that occurred during his West African Examination Council WAEC examination.
He said in part; when I had my first WAEC, I did not pass all my papers. Then, I went to Lagos where I showed my results to my siblings. I was enrolled to attend a lesson. While attending the lesson, I was still active in church. My elder brother, Edward reported me to my elder sisters, telling them I was too ‘churcheous’ and not focusing on my studies.
So, there was a conference over the matter and during the discussion, I told them that my result was already known to me. So, I mentioned that I would score distinctions in the forthcoming examination. My brother decided to make a bet with me that if I should score any distinction, he would give me twenty naira (N20). At the end of the day, when the result was released and I had distinctions, my brother wrote me a letter telling me that God wrote the examination for me. Then since God wrote the examination for me, I decided to go and thank him by going to the Seminary.
Asked if he believes in reincarnation, which happens to be one of the doctrines that the Catholic Church frowns at, he answered this way;, as a Catholic and a Christian, I was going with the waves that the church does not believe in reincarnation. However, I wrote my first work on reincarnation when I was in secondary school class five. The title was The Wonders of Reincarnation. Now, I learnt from my parents. My father was not a Catholic. He belonged to Cherubim and Seraphim. They taught me and my siblings how each of us was incarnate of somebody who was gone. The stories were so clear to me and that was how I started getting interested in the fact that these people were giving us facts that you can see.
So, why are we having doubts about this? Eventually, when I entered seminary, I decided to give myself into understanding of the philosophy of reincarnation. I started researching on it. Eventually, my final thesis in philosophy was on reincarnation. Then what was my conclusion?
My conclusion was that there exists reincarnation. That was where the issue is. How did I come to that conclusion knowing that the church does not believe in reincarnation? Luckily for me, because of my test, I came across the work of Saint Paul in 1st Thessalonians 5 v 23, where St. Paul talked about the tripartite nature of man.
All the while, we talked about the dual nature of man. Man is soul and body. We don’t talk about the third part of man which is the spirit. So, when I came across this version of St. Paul of man being three and not two, the whole mystery of reincarnation became so clear. Reincarnation happens in reality not because of the soul but because of the spirit.
So, as we speak, my position on it is still the same.
As for the church’s position, it is still not clear about the whole idea because the church essentially is the people in it. And the people in it are the theologians. Theologians are the people studying it. So, it is a work in progress. We’re still studying, we’re still doing our research and we’re still writing on it. He stressed.
From doctrinal commentary to evaluation of his 30years sojourn on earth as a Priest, again, he captured it this way; well, the journey has been a serious one. There was a time I had a serious challenge. At that time, some issues were provoking me. One, as a priest, I found out that the word Father was no longer a name but a demand. People make demands of you. I was not sure I could carry the load of the challenge of people’s demands. That was one.
The second one was discovering that ordination does not make you a saint automatically. I thought passion dies with ordination. That was when I decided I wanted to go to the monastery. And I went to the monastery. I was in the monastery for about a week because I was studying their spirituality. After that, I decided I was going to live a monastic life. I asked for permission but the bishop refused. That was how I didn’t go to the monastery, he concluded.
Asked about his position on the proliferation and commercialization of churches, the Man of God, declared that he has no problem with such development. Quoting John Cardinal Onaikan, when he was asked about the issue of church proliferation, he came out with the notion that it would have been worse if there were no churches. That was his position and if you look at it, these churches are still relevant. Take as an illustration; if people are left on their own without churches, they tend to be worse off. The church has succeeded in making us better.
Continuing, he added the commercialisation of churches on its part has an advantage too. We the Catholics, without this Commercialization of churches, don’t think we would have been challenged to be evangelical and charismatic. They have their relevance. Look at Europe and America where the churches are not as challenged as we are here, you could see that the churches there are dying. So, it is to our advantage.
While noting that the church is doing something but not doing enough to curb the moral decadence in society, the Catholic cleric insisted that the church in itself accommodates culture. ‘It is called inculturation. And for some time now, I’ve been doing what is called inculturation mass where i incorporate tradition into the mass. I’ve been having it in many of the parishes because the church made provision for this. It’s just that we Africans don’t seem to be open to these things. We the blacks don’t seem to appreciate what we have’.
Asked to explain why he reportedly threw up controversy in his Seminary days with his assertion that catholic priests marry, he answered, saying; Yes, I was trying to throw up a controversy. In my class 6 in the seminary, I was having difficulties with the system. Like I said, I was into music. So, my life was a social life. They were already telling me that I was too social and that it was not the life of a priest.
But I was not giving it up because that was what I liked. So, it was clear to me that those in charge were not comfortable with it. And the only thing they could do was to send me away but how they were going to send me away, I didn’t know. So, when the examination came, they asked me the question and I said it was a way of them telling me to go. I was not even afraid of going in the first place. So, that was why I did that.
Asked what kept him going as a Priest despite the challenges in the past thirty years, Fr. Victor has this to say, listen to him; Well, I would say it’s my prayer life. I have a very rigorous prayer life. I have a basic prayer system. Like every day, I spend one hour in church. It’s a practice I learnt in secondary school and I kept doing it.
On his active involvement in active charity, the Priest succulently explained as follows; well, growing up. Like in primary school, I used to follow the African Culture where your siblings and relations usually eat together. When we cook rice, it’s always a special day. Each time they come, my siblings will expect me to share my food with my age mates. It makes me uncomfortable because why will I be sharing my food? Why don’t they have their own? At that moment, I was challenged. Charity was difficult for me but from that background, I was forced to give up what is mine.
From that moment also, I started learning. I had to learn on time because it was becoming an issue. From there, I started learning how to give out to the poor. I started giving to the extent that when it was time for my first WAEC that was one of the reasons why I didn’t pass my first WAEC. The money I was given for Agric practical, as I was on my way to pay it, I met a beggar. I took the money and gave the beggar. So, that has been the background.
Asked to advise public officeholders and Nigerians as a whole, he called on all to seek the face of God.
‘For a long time now, I have something I call my NGO. The NGO aims to help solve matters that are within my reach. If I am driving along the road and I see that there is something on the road, I will stop and remove it. I have been preaching it and have also been living with it. Do something for somebody. Charity is our African philosophy. It’s just that we have lost it. And if everybody is good to the other, everybody will be comfortable. Nobody will be stealing. People are stealing because we are not appreciative of what we have’.
On his proposed University and retreat centre, Father explained that he started thinking about having a retreat centre where people can go to rest, to be on their own because Agbor doesn’t have that. So, that was how the whole thing started.
‘After that, I realized also that there is a lot of knowledge that has not been encapsulated in this part of the world. We have so much to offer. Also, we don’t have anywhere to go for a holiday here. If I’m thinking of going on holiday, I’m always thinking of leaving the vicinity. But why am I going out? It’s because I can hardly find places to go around here. So, this is the idea behind it,’ he concluded.
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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