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The naira’s real effective exchange rate is now arguably the most competitive in two decades, a development hailed as a major milestone for Nigeria’s economic policy.

Yemi Kale, group chief economist and managing director of Afreximbank, made this observation in his keynote address titled ‘Reform and Resilience: Strengthening Nigeria’s Economic Foundations’ at The Platform Nigeria event in Lagos.

Kale explained that, in practical terms, Nigeria is no longer compelled to sell scarce foreign exchange at subsidised rates. Exporters have also been freed from the penalties of an overvalued currency, creating a healthier environment for trade and investment.

The introduction of a more flexible exchange rate regime acts as a natural shock absorber, allowing the currency to adjust gradually to fluctuations in oil prices or global economic conditions, rather than triggering sudden crises in the balance of payments.

Investors have responded positively to these reforms, as reflected in rising foreign exchange reserves, which climbed from approximately $32.9 billion at the end of 2023 to over $38.8 billion by mid-October 2024. By mid-2025, verified foreign exchange backlogs had largely been cleared, and reserves had surpassed $42 billion, a three-year high, signaling renewed confidence in Nigeria’s economic outlook.

For businesses, the new foreign exchange system has been transformative. Companies no longer waste energy lobbying for scarce official foreign exchange allocations and can instead focus on improving productivity and competitiveness.

A more competitive naira has made Nigerian products more affordable on the international market, stimulated non-oil exports, discouraged wasteful imports, and encouraged local production.

Non-oil exporters and domestic companies reliant on imported inputs have reported stronger earnings, while Nigeria’s trade balance is reportedly improving.

The naira’s performance on the foreign exchange markets underscores these positive trends. On Thursday, October 2, 2025, the currency converged at N1,455 per dollar in both the official foreign exchange market and the parallel (black) market, effectively closing the long-standing exchange rate gap.

At the Nigerian Foreign Exchange Market (NFEM), the naira appreciated by 1.4 percent, with the dollar quoted at N1,455.23, up from N1,475.34 at the end of September. Similarly, in the parallel market, the naira strengthened by 2.7 percent to close at N1,455, up from N1,495 just two days earlier.

Bala Moh’d Bello, a member of the Monetary Policy Committee (MPC), attributed the naira’s relative stability to tighter liquidity conditions, growing investor confidence, and recent reforms in foreign exchange management.

He noted that speculative activities in the foreign exchange market have declined significantly, enhancing transparency and supporting market-based price discovery. Bello added that this stability is expected to persist in the medium term, supported by rising reserves, which stood at $40.11 billion as of July 18, 2025, enough to cover about 9.5 months of imports.

Kale further emphasised that these reforms have strengthened macroeconomic management by providing the Central Bank of Nigeria (CBN) with clearer policy signals through a unified, more market-reflective, and rules-based exchange rate system. This shift has enhanced the effectiveness and credibility of monetary policy, laying firmer foundations for sustainable growth.

‘Reforms are not merely policy adjustments but deliberate, strategic decisions aimed at stabilizing the present and securing a prosperous future,’ Kale said. ‘They require patience, persistence, disciplined execution, and the capacity to follow through.’

However, these reforms have come with a painful short-term cost that was not sufficiently cushioned. Inflation, which had already accelerated after the removal of petrol subsidies, surged further following the naira float, as imported goods, central to family consumption and critical inputs for manufacturers became more expensive.

This experience is not unique to Nigeria. When Egypt floated its pound in 2016, inflation quickly exceeded 30 percent within months. However, Egypt managed to restore investor confidence and stimulate growth by allowing the currency to reach market-clearing levels, coupled with efficient and targeted social safety nets that cushioned vulnerable households from the initial cost shocks.

Unlike Nigeria, Egypt expanded food subsidy cards and rolled out cash allowances to low-income families, providing a valuable lesson: stabilising the currency market is fundamental to long-term economic health, even if it causes short-term price turbulence.

Strengthening Nigeria’s social protection systems will be critical to ensuring the long-term benefits of reform are more widely and equitably shared, he said.

Early evidence indicates that despite the initial hardships, Nigeria’s foreign exchange reforms are opening doors to a more diversified and export-oriented economy.

The transparent foreign exchange regime has attracted a surge of foreign portfolio inflows (FPIs), which help stabilise the naira in the short term.

Yet, foreign direct investment (FDI), essential for job creation and industrial capacity will take longer to rebound as investors continue to test the staying power of reforms, especially given Nigeria’s history of policy reversals.

Monetary policy adds another layer of complexity. The surge in portfolio inflows has been supported by the CBN’s decision to maintain policy rates above 20 percent. While this approach supports short-term liquidity and reserve accumulation, it also discourages long-term FDI.

Investors often prefer the almost guaranteed returns of government securities offering close to 20 percent over the risks associated with longer-term productive investments. This creates a trade-off between short-term liquidity stability and long-term capital formation.

As inflation gradually eases, Kale said the CBN is expected to shift its focus from attracting foreign portfolio inflows to encouraging FDI by carefully lowering interest rates in a sequenced manner.

Timing will be crucial: cutting rates too soon could reignite inflationary pressures, prolong reform-induced hardships, and undermine exchange rate stability; waiting too long risks crowding out domestic investment and critical FDI necessary for industrialization and job creation.

On the occasion of Nigeria’s 65th independence anniversary, Kale’s message is clear: hope grounded in action, resilience, and strategic reforms can unlock a prosperous future for the nation.

‘Tribune’ newspaper, June 17, 2025. Front page Headline: ISRAELI-IRAN WAR: NIGERIA MAY WITNESS PETROLEUM PRICE SURGE – CPPE warns’ (from Akin Adewakun, Lagos).

‘The Centre for the Promotion of Private Enterprise (CPPE) has warned that if not quickly addressed, the ongoing Israeli-Iran war may lead to a surge in the price of petroleum, diesel, jet fuel, gas and related products in Nigeria.

The Centre, in a statement issued by its Chief Executive Officer, Dr Muda Yusuf, stated that the development would also have far-reaching implications for a floundering global economy.

It argued that since energy cost remains a major factor in the Nigerian inflation equation, the war, it stated, may impact production cost, logistics cost, transportation costs, and the cost of power generation.

‘This presents an inflationary scenario. These additional costs would be passed on to final consumers, depending on the degree of consumer resistance.

There is also a global inflation dimension. Energy prices have global inflationary implications. Therefore, there is also an expectation of imported inflation in the unfolding geopolitical scenario,’ the Centre argued.

CPPE noted that since high inflation drives interest rates, as monetary authorities respond to the inflation outcomes of current geopolitical headwinds, a tighter monetary policy regime is expected in Nigeria and other monetary jurisdictions.

It warned that economies around the world may experience renewed pressure on interest rates, with higher global interest rates likely to impact portfolio flows and their implications for foreign reserves.

‘High energy costs, elevated inflationary pressures and a spike in interest rates are all headwinds that could undermine the profitability of businesses in the economy. Investors in the non-oil sector are likely to be more vulnerable in the present situation.

Nigerian firms with strong business links in the Middle East and those with strong supply chain linkages in the region would be vulnerable at this time because of the current instability in the region,’ the Centre added.

CPPE, however, believed the nation’s economy could also profit from the crisis, since the surge in crude oil price would impact on foreign exchange earnings, with its trickle-down positive effects on the nation’s economy, since oil remains the biggest forex earner for the country.

‘It warned that economies around the world may experience renewed pressure on interest rates, with higher global interest rates likely to impact portfolio flows and their implications for foreign reserves.’

‘Crude oil price has surged to $75 per barrel, which is about 15 percent higher than before the outbreak of the Israeli-Iran conflict. This development would also positively impact the country’s foreign reserves, ensure better forex liquidity and ultimately the stability of the naira exchange rate,’ it argued.

‘Tribune’ newspaper of June 17, 2025. Front page headline: ‘WHY OIL COMPANIES ARE LEAVING NIGERIA – PENGASSAN URGES FG TO ACT SWIFTLY DESPITE COST REDUCTION INCENTIVES’ (from Christian Appolos, Lagos)

‘The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has raised the alarm that worsening insecurity in Nigeria’s oil-producing areas, especially in the waterways, is compelling multinational oil companies to divest from the country, despite newly introduced cost-saving incentives by the Federal Government.

Speaking at a press briefing in Abuja, PENGASSAN President Comrade Festus Osifo said that while the recently signed Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) by President Bola Tinubu was commendable, it fails to address the root causes of the high cost of production, which he said is, most notably, insecurity.

‘The reason, the chief reason, the majority of the oil and gas operators (the international oil and gas companies) started leaving Nigeria is principally because of insecurity,’ Osifo declared. ‘The cost of securing facilities and the cost of securing infrastructure in the Nigerian oil and gas industry became prohibitive. That is why they found places like Mozambique, Guyana, Angola, and Congo much more attractive.’

The Executive Order, signed in May, introduces performance-based tax credits of up to 20 percent for upstream companies that meet defined industry benchmarks for cost efficiency. While PENGASSAN acknowledged the effort, Osifo insisted that without government-backed security, the real issue would remain unresolved.

‘For one offshore installation, you have a minimum of three or four security vessels, manned by naval personnel, paid for by the company daily. That’s not the case in countries like Ghana, where the government provides this protection.’

He urged the government to take full responsibility for safeguarding oil installations, emphasising that oil companies should not bear such heavy security costs, which he described as ‘running into hundreds of millions of dollars per annum.’

Beyond insecurity, PENGASSAN also raised concerns over fuel pricing transparency. According to Osifo, despite significant reductions in global crude oil prices from $80 to around $60 per barrel, Nigerians did not enjoy a proportionate drop in petrol pump prices.

‘When crude was at $60 per barrel, we should have been buying petrol at N700 to N750 per litre, not N900. Nigerians were exploited during that period,’ he said, calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ‘do everything possible to ensure Nigerians are not exploited.’

PENGASSAN further recommended that the Federal Government adopt the NLNG partnership model for the country’s ailing refineries, particularly the Port Harcourt refinery, which was recently shut for maintenance. The model would see the government hold minority stakes while allowing experienced private investors-particularly international oil firms-to take majority control.

‘This model has worked for NLNG. So, why can’t we replicate the same structure in the management of our refineries to eliminate political interference and promote efficiency?’ Osifo queried.

France’s Prime Minister, Sébastien Lecornu, has resigned, just hours after unveiling his new cabinet.

The resignation was confirmed on Monday by the Elysée Palace following a one-hour meeting between Lecornu and President Emmanuel Macron.

Lecornu, who emerged less than a month ago to replace François Bayrou, stepped down amid criticism over the composition of his cabinet.

Several parties in the National Assembly opposed the cabinet, saying it was mostly the same as Bayrou’s, and threatened to reject it.

The National Information Technology Development Agency (NITDA), in partnership with U.S.-based ChipMango, unveiled Nigeria’s first national microchip design framework, a move seen by many in the industry as a defining step toward digital sovereignty.

For a nation that has long depended on imported technology, the announcement during the GITEX Nigeria 2025 in Lagos marked a bold pivot.

‘We are building a future where Nigerian talent leads in semiconductor design,’ said Kashifu Inuwa Abdullahi, NITDA’s director general, during the launch. ‘This framework embodies our vision for digital sovereignty and inclusion, creating jobs, exports, and innovation for generations to come.’

The framework rests on three pillars: capacity building, outsourcing, and policy alignment. Central to this plan is ChipMango’s AI-powered e-learning platform, which will provide Nigerian students with hands-on training, simulation tools, and globally recognised certifications. Already in use in U.S. universities, the platform is designed to turn learners into industry-ready chip designers.

Beyond education, the framework positions Nigeria as a global hub for microchip design outsourcing, linking local talent to international projects worth billions of dollars. Policy integration with President Bola Ahmed Tinubu’s Renewed Hope Agenda and NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) ensures the initiative is tied to national economic goals.

A distinctive feature is inclusion. Women, often underrepresented in STEM, are placed at the centre of the effort through outreach, mentorship, and scholarship programmes to ensure a diverse and innovative talent pool.

The unveiling also launched the NITDA-ChipMango Innovation Challenge 2025, a nationwide competition inviting students across Nigeria’s six geopolitical zones to design chip-based solutions for healthcare, agriculture, robotics, and AI. Winning teams will gain recognition, mentorship, and industry certification.

For ChipMango’s Nigerian-born CEO, Ola Fadiran, the mission is clear. ‘This is more than a framework; it is a national strategy,’ he said. ‘Together with NITDA, we are nurturing experts, innovators, and leaders who will power Nigeria’s microchip design economy.

Momentum will continue at Digital Nigeria 2025, where discussions will focus on building a national outsourcing ecosystem around the framework.

For many students in the audience, the launch was more than policy; it was a glimpse into a future where Nigeria’s chips could power the world. As one whispered to a friend, eyes wide with possibility, Maybe the next iPhone chip could come from Nigeria.

Few issues stir as much passion as pensions. After all, retirement is not some distant concept, it is the very moment when decades of work are meant to translate into dignity, stability, and peace of mind.

For Nigerian workers, the Contributory Pension Scheme (CPS) is the system designed to ensure that this promise is kept. Yet, as public debates grow louder, it is important to separate emotion from fact, and quick fixes from sustainable solutions.

At the heart of the pension conversation lies a simple question: should retirees be allowed to withdraw their savings in full, or should access remain structured? The former offers instant gratification; the latter seeks to protect long-term security. The choice is not trivial-it is one that determines whether our elders live their final years in comfort or in poverty.

The hidden risks of ‘Take-It-All’

Imagine a retiree with N20 million saved up over a career. It may seem logical to withdraw the entire sum and invest it independently. Some might argue that by chasing attractive interest rates or putting the money into a family business, higher returns can be secured. But this perspective often ignores three hard realities.

1. The first is longevity risk-the possibility of outliving one’s savings. A lump sum might look substantial at 60, but what happens if life stretches to 85 or 90? (which many are praying for). The CPS is deliberately structured to provide income for life, ensuring that retirees do not face destitution in their later years.

2. The second is market volatility. Treasury bill yields and bond rates do not remain at 15 elevated levels (double digits) indefinitely. They fluctuate sometimes falling to single digits. A retiree who counts on fixed high returns may quickly discover that returns are unpredictable and insufficient, especially during downturns.

3. The third is investment risk. Stories abound of pensioners who withdraw funds to finance ventures that collapse under inflationary pressures or poor management. The intention may be noble, but the outcome is often tragic: savings vanish, while bills remain.

Two faces of retirement

Consider the story of two hypothetical retirees, both of whom left service with ?20 million. Madam Okeke decided to withdraw everything and invest in a family business. For a while, it seemed promising. But within three years, inflation, currency depreciation, and unforeseen costs left her with nothing. By her early seventies, she had become dependent on relatives for basic needs.

Her colleague, Ade, opted to remain under the CPS. His monthly pension was modest but consistent. Each month, without fail, his payment arrived. At 80, he still enjoys independence, secure in the knowledge that his pension will not dry up.

Both individuals worked hard; both sought securities. But their choices determined whether retirement meant stability or vulnerability.

Why structure matters

Some critics argue that restricting lump-sum withdrawals treats retirees like children. In reality, the principle is protective, not paternalistic. Across the world, pension systems are structured to spread income across retirement years because experience shows that without safeguards, many retirees exhaust savings too quickly. Family obligations, health crises, or speculative investments often erode lump sums, leaving individuals vulnerable at the exact stage of life when they are least able to recover financially.

The CPS prevents this outcome by ensuring that pensions last as long as life itself. For retirees who live beyond expectations, payments continue through programmed withdrawals or annuities arranged with insurance companies. The notion that payments ‘end’ at 75 is a misconception; in truth, actuarial science only uses life expectancy as a guide for planning, not a cut-off point.

Building trust in the system

Trust is the lifeblood of any pension system. Workers must believe that their savings are safe and that administrators are acting in their best interests. Under Nigerian CPS, pension assets are not even held by the Pension Fund Administrators (PFAs). Instead, they are kept with independent Pension Fund Custodians under the strict oversight of the National Pension Commission (PenCom). This three-tiered structure: Saver, Administrator, Custodian provides layers of security that safeguard against mismanagement.

Since the scheme’s inception in 2004, pension assets have grown to over ?24 trillion. These funds are invested in government securities, infrastructure, corporate bonds, and housing, supporting not just individual retirees but also the broader Nigerian economy. PFAs earn regulated fees (among the lowest in Africa) while all investment returns accrue to contributors. Far from exploiting workers, the system has built a sustainable pool of capital that benefits both retirees and national development.

The temptation of oversimplification

It is easy to believe that giving retirees unrestricted access to their funds is the ‘fair’ solution. But pensions are not simple savings accounts. They are insurance against the twin uncertainties of longevity and economic shocks. Psychologists call it the Dunning-Kruger effect: when complex issues are oversimplified by those who do not fully understand them. In the pension context, what looks like empowerment today may translate into widespread elderly poverty tomorrow.

The real struggle

Ultimately, the true enemy is not the pension structure it is poverty. A nation that fails to protect its elders condemns itself to cycles of dependency and despair. Justice in pensions is not about short-term payouts but about ensuring that workers who devoted decades to the economy are not left helpless in their later years.

The CPS was designed precisely for this: to move Nigeria away from the inefficiencies and corruption of the old Defined Benefit Scheme, and toward a sustainable system that outlasts political and economic turbulence.

A call for balance

Nigeria must pursue a balanced path one that recognises retirees’ genuine frustrations while preserving the safeguards that protect them. Quick fixes may win applause in the moment, but true dignity in retirement comes from careful, compassionate, and sustainable reform. Our elders deserve nothing less.

Erling Haaland continued his ruthless scoring form as Manchester City edged past Brentford 1-0, delivering a landmark 250th Premier League victory for manager Pep Guardiola.

Guardiola reached the milestone in just 349 games, the fastest in league history, surpassing the previous best by 55 matches.

The decisive moment came early, as Haaland outmuscled Sepp van den Berg to meet Josko Gvardiol’s looping cross, then twisted away from the defender before calmly slotting past Caoimhin Kelleher.

It was the Norwegian’s third goal in a week and his 18th in just 11 appearances for club and country this season.

After taking the lead, City were forced to defend for more than 80 minutes at the Gtech Community Stadium but restricted Brentford to limited chances in a scrappy second half.

The win lifts Man City to fifth place heading into the international break, though the sight of midfielder Rodri limping off after just 21 minutes sparked concern.

The Spaniard, who previously missed much of last season with an ACL injury, is still searching for the form that earned him the Ballon d’Or last year.

Unlike advanced economies, where it is given, mortgage in Nigeria and, indeed, most of Africa, is a daydream, and those who desire it simply indulge in wishful thinking.

This is because, as an immature economy, policies in Nigeria change frequently, disrupting long-term planning and investor confidence. For instance, inconsistent foreign exchange policies affect lenders with dollar-denominated funding.

Similarly, shifts in regulatory capital requirements, monetary tightening, or sudden withdrawal of subsidies directly impact mortgage pricing and supply. Leapfrog

Experts are of the view that long-term housing finance thrives in stable, predictable policy environments which explains why they canvass dialogue between the government and mortgage stakeholders.

For affordable mortgage to be possible and accessible to those who need it, the government-mortgage stakeholders dialogue is not only urgent, but also essential to create enduring frameworks.

Additionally, some lessons have to be learnt from successful housing finance models around the world that can offer valuable insights for reforming Nigeria’s mortgage system.

‘One critical lesson is the role of government-backed guarantees, such as those provided by the Federal Housing Administration in the United States. These guarantees reduce the risk for lenders, making them more willing to extend long-term credit, particularly to first-time and low-income buyers,’ Adedeji Ajadi, CEO, Mortgage Banking Association of Nigeria (MBAN), said.

Another thing that has to happen, according to Ajadi, is the development of secondary mortgage markets, which help to free up capital for new lending. He explained that, by allowing mortgage lenders to sell off existing loans, they can recycle funds and maintain liquidity, ultimately expanding access to mortgages.

Adedeji, who is also the executive secretary of the association, added that inclusive credit scoring also emerges as a transformative approach, pointing out that in many advanced markets, lenders increasingly rely on alternative data, such as rent history, utility payments, and mobile money transactions, to assess creditworthiness.

‘This broadens the pool of eligible borrowers, particularly those in the informal sector who may not have traditional credit records. Subsidised interest schemes targeted at low- and middle-income households further enhance affordability,’ he explained.

It is expected that these these programmes reduce the effective interest rates on mortgage loans, making monthly payments more manageable and encouraging uptake among underserved demographics.

Digitising land registries is another game-changing reform, because by reducing fraud, ensuring transparency, and speeding up property verification, digitised systems allow for quicker loan approvals and greater investor confidence in the housing market.

To achieve this goal, integrated housing-finance strategies are crucial. Successful systems align housing finance with urban planning and development efforts. This means coordinating land use, infrastructure development, and mortgage financing in a holistic manner to ensure sustainable housing delivery.

Collectively, these lessons point toward a more inclusive, efficient, and scalable housing finance ecosystem, one that Nigeria can adopt to meet the growing needs of its population.

A functional mortgage system depends, to a large extent, on interest rates in the financial system. In Nigeria, the rates are just too high at between 17 percent and 27 percent. Ajadi suggests that to effectively bring down these rates and extend loan tenures in the mortgage market, some steps have to be taken.

‘An ensuring access to long-term capital is crucial. This can be achieved by deepening the secondary mortgage market through institutions such as the Nigeria Mortgage Refinance Company (NMRC), which plays a vital role in providing long-term liquidity to mortgage lenders.

With more refinancing options available, lenders are better positioned to offer affordable and longer-term mortgage products. Secondly, subsidised financing must be part of the solution. Government interventions, including special interventions like MREIF and Family Homes Funds, targeting low- and middle-income earners, can significantly reduce the cost of borrowing, making home ownership more accessible to many people,’ he said.

Public school classrooms in Lagos were scenes of emotion and gratitude on Saturday as Page Financials surprised two long-serving teachers with ?100,000 each in celebration of World Teachers’ Day.

At Ago Iwoye Methodist Primary School, Ebute Meta, 34-year teaching veteran Mrs. Ipinlola Olaiya broke down in tears as representatives of the finance company presented her with the reward. She was one of two educators selected through a nationwide social media nomination campaign organised by the firm to spotlight unsung heroes in Nigeria’s education system.

The second beneficiary, Mr. Fashina, a Creative Arts teacher at Anglican Comprehensive High School, Ipaja, was equally overcome with emotion. On receiving his cheque, he exclaimed ‘Jesus!’ and revealed that his vehicle had broken down and he had been struggling to afford repairs. His principal described him as ‘a model teacher’ who had won Best Teacher of the Year multiple times.

From Left to right, Oluwaseyi Famodimu, Marketing Specialist, Page Financials,Stephanie Sokoh, Financial Advisor, Page Financials, Mrs Ipinlola Olaiya,Head Teacher,Ago iwoye Methodist Primary school, Ola Moses, Head Marketing and Corporate Communications,Page Financials

Explaining the motivation behind the initiative, Ola Moses, Head of Marketing and Corporate Communications at Page Financials, said the company wanted to recognise the quiet dedication of teachers who continue to serve despite limited resources.

‘Teachers are silent builders of our nation’s future. Their consistency, patience, and love for knowledge shape the leaders of tomorrow. Celebrating them is not just our duty, it’s our pride,’ Moses said.

Page Financials, established in 2014, provides consumer loans, investment options, and payment solutions to Nigerians. In recent years, the company has expanded its corporate social responsibility efforts to include programmes that celebrate individuals making a difference in their communities.

The company said the World Teachers’ Day initiative forms part of its broader drive to ‘encourage impact and service’ among Nigerians.

The African Democratic Congress (ADC) has berated President Bola Tinubu’s silence over the growing spread of insurgents into many hitherto peaceful States, blaming the spread on the poor security strategy of the current administration.

During the weekend, intense attacks were reported in Kwara, a State that had been peaceful, with bandits demanding ransoms such as food, money and even drinks, from residents.

Bolaji Abdullahi, ADC National Publicity Secretary, writing on his X handle, blamed President Tinubu for what he described the ‘continued insensitivity to Nigeria’s worsening security crisis, accusing him of prioritising political appearances over his sacred duty of protecting the lives of Nigerians.’

Abdullahi dismissed as mere ‘political rhetoric’ the President’s remarks at the Church of Christ in Nations (COCIN) in Jos that his mission is to unite Nigerians, saying that the President’s actions since he came to office did not indicate that he understands what it takes to unite Nigerians.

Abdullahi lamented that insurgents are gradually spreading into states, such as Kwara and Oyo, with renewed attacks in Kogi, with threats of spreading into South Western states.

‘The newspapers are reporting that nine Local Government Areas in Kwara State, a state that had until this APC-led administration enjoyed a reputation for peace and stability, reportedly came under siege by armed bandits.

‘In a development that underscores the extent of state fragility, residents are now being forced to provide food items, drinks, money, and other services as ransom payments.’

The party expressed deep concerns over the brazen insensitivity of President Bola Ahmed Tinubu to the growing insecurity in the country.

‘This is a complete failure of governance. Yet, the presidency has neither acknowledged the situation nor outlined any plan of action to support the affected communities or hold those responsible to account.

‘On the same day, a similar tragic attack by gunmen was reported in Kogi State, during which travellers were killed and several others, including women and children, were abducted for ransom. Earlier in the week, there were reports that more than 180 schools across states in Northern Nigeria have been shut and children kept at home as a result of worsening insecurity. Unfortunately, these reports form part of a broader and bloodier pattern.

‘From Plateau to Zamfara, Benue to Niger, Kaduna to Kwara, incidents of mass abductions, violent attacks, and forced displacement continue to rise.

‘Despite this, the federal government persists in offering vague assurances that ‘progress’ is being made, an insensitive claim that is being refuted daily in blood and body counts of innocent victims who, it now appears, the gunmen kill for sport.’

‘As the Commander-in-Chief of Nigeria’s Armed Forces, in whom the constitutional authority to secure the lives and property of citizens is vested, the President’s continued preference for attending social and political events in the midst of alarming deterioration of internal security is both unacceptable and irresponsible.’

The party noted that while rural communities are being emptied and schools are being shut down, the President continues to attend funerals and ceremonies involving political associates.

‘This sends the unfortunate message that the President cares more about political appearances than the lives of Nigerian citizens.

‘We recall that earlier in the year, hundreds of people were killed by gunmen in the same Plateau State in attacks that lasted several months, but the President never thought it necessary to visit the state at the time.

‘Instead, the President remained in the cosy comfort of the Presidential Villa to condemn the attacks he should have prevented and issued directives that no one obeyed.

The party dismissed President Tinubu’s claim of progress in the fight against insecurity in Nigeria, describing such claims as ‘a tragic denial of the reality of most Nigerians who have had to bury loved ones in recent days and on a daily basis.

‘This denial by the President, no doubt, emanates either from cruel indifference or tragic oversimplification of a very complex problem.’

Under President Olusegun Obasanjo, a policy was introduced to make flour millers include 10 percent of cassava flour in bread. However, the policy was reversed under late Musa Yar’Adua, but revived under Goodluck Jonathan.

It was quietly shelved under the late Muhammadu Buhari. The policy has been abandoned, leaving some factories shut down.

However, a similar locally-focused policy worked in cement.

Backed by targeted government protection, import restrictions, and the Backwards Integration Policy (BIP), local giants like Dangote Cement were able to scale and dominate both domestic and regional markets.

Before reforms in 2006, Nigeria had been the world’s third-largest importer of cement and clinker, with local production covering less than a quarter of demand. The mismatch between supply and demand led to price instability and slowed infrastructure growth.

The introduction of backward integration, high tariffs on imports, and incentives for local investment turned the tide, creating a clear policy environment that made large-scale investment viable.

However, the same policy drive has failed to deliver in food and beverage, with cassava bread an ample case in point. Attempts were made to replicate the same policy in milk and dairy products, among others, did not work.

Analysts argue that replicating the ‘cement miracle’ in other industries will require not just protective tariffs but a mix of targeted incentives, modern technology, and consistent enforcement against smuggling. Without these, they say, Nigeria’s broader industrialisation agenda risks falling short.

Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), explained that cement thrived largely because it was driven entirely by private investment, with the government creating a clear policy framework that allowed companies to scale operations and dominate the market.

‘Unlike cement, where private capital took over the entire value chain, sectors such as steel, paper, and refineries have been burdened by heavy government presence. The government doesn’t have a good track record of running such businesses efficiently, and this has been a major setback,’ Yusuf said.

He cited the Ajaokuta and Delta Steel complexes as examples where government ownership and mismanagement stalled progress. ‘If those projects had been structured as private investments, the story of Nigeria’s steel industry would have been completely different,’ he stated, noting that a functional steel sector is critical for supporting industries such as automobiles, fabrication, and construction.

The economist also noted that Nigeria’s paper mills, such as Jebba and Iwopin, suffered similar fates due to flawed privatisation processes, leaving them in the hands of investors without the financial or technical capacity to revive them.

On the textile industry, Yusuf identified smuggling, the influx of second-hand clothes, and high energy costs as the biggest obstacles. ‘Textiles are energy-intensive and foreign exchange-dependent. In an economy where power supply is unreliable and costly, it becomes very difficult to compete with imports from countries like China,’ he explained.

‘Obsolete technologies, some dating back 30 to 40 years, also weigh heavily on Nigeria’s manufacturing competitiveness. ‘When you are running industries with outdated machinery, your costs will always be high, and that undermines your ability to compete in global and even local markets,’ Yusuf added.

Musibau Adetunji Babatunde, commissioner for Budget and Economic Planning in Oyo State, noted that policies in agriculture and manufacturing often fail because they are not properly targeted. ‘If support is well directed to smallholder farmers and professional associations, we would see a faster turnaround,’ he said.

Babatunde argued that policies fail to support the right players. He noted that while backward integration worked in cement, similar policies have not been effectively applied on agriculture and manufacturing.

‘For smallholder farmers who want to export, the procedures are too complex, from certifications at the ports to poorly targeted incentives.

‘If support was channelled directly through their professional associations, with proper monitoring, we would see a faster turnaround, just like cement.

‘The government’s role should be to coordinate and standardise production to meet international export requirements, not to impose blanket programmes that don’t fit Nigeria’s structural realities,’ Babatunde explained.