As Nigeria approaches its 64th anniversary of independence, it feels as though we are witnessing the behavior of a grown man at 70 who still cannot walk without stumbling, a metaphor for a nation that continues to grapple with basic developmental issues long after the world expected it to have matured. Nigeria, often referred to as the “Giant of Africa,” possesses immense potential and abundant resources, which should place it at the forefront of global development. Yet, it still struggles with challenges typical of much younger, less experienced nations. The question remains: how long can we keep accepting excuses for such immaturity?

When Nigeria gained independence in 1960, there was an outpouring of hope and excitement. It was believed that with the right leadership and governance, the country would rise rapidly, transitioning from a post-colonial economy into a prosperous, developed nation. However, nearly seven decades later, Nigeria, despite its vast natural resources, oil, gas, agricultural produce, and mineral wealth, still grapples with fundamental issues.

One of the most glaring examples is the persistent problem of inadequate electricity supply. Despite billions of dollars in investment and countless reforms, Nigeria still struggles to provide stable power. Businesses are crippled by exorbitant fuel costs to power generators, and citizens live in the dark, awaiting the promise of stable electricity. This is not a challenge of technology or capability; it reflects a deeper systemic failure to grow beyond the age-old problems. For a country at Nigeria’s age, why has something as basic as electricity become an impossible dream?

The fundamental question Nigerians are asking is: how can a nation that is supposed to be mature still be grappling with developmental basics? In the last 60 years, countries like South Korea, Singapore, and Malaysia, which were once at similar economic levels, have made significant strides, while Nigeria lags behind. The stark difference is leadership, vision, and the ability to execute policies that prioritize national development over political gain.

At the heart of Nigeria’s developmental stagnation is the pervasive problem of corruption. Like a child who refuses to give up his or her bad habits, Nigeria’s political and economic landscape is entrenched in graft and mismanagement. The spoils of the nation’s wealth continue to be distributed among a privileged few, while millions live in abject poverty.

From the misappropriation of public funds to inflated contracts and uncompleted projects, corruption has bled the country dry. Government institutions, which should serve as drivers of development, are undermined by greed and self-interest. Year after year, reports from international watchdogs like Transparency International paint a grim picture of a country where bribery, nepotism, and mismanagement have become institutionalized.

It is as though Nigeria has chosen to remain a “spoilt child” of sorts, refusing to let go of destructive habits that prevent its growth. Just like an irresponsible child making a mess and blaming everyone else, successive governments have promised change without delivering tangible results. Citizens watch in frustration as those in power speak of progress while the streets tell a different story.

For any nation, education and healthcare are pillars of sustainable development. Yet, Nigeria, with its growing population, has allowed both sectors to deteriorate. In education, the nation that once boasted some of the most prestigious universities in Africa now struggles with dilapidated schools, outdated curricula, incessant strikes, and underpaid educators. This generation of Nigerian students, the supposed future of the nation, is caught in a cycle of underfunded education and limited opportunities, making it nearly impossible for them to compete globally.

It is disheartening that Nigeria, which ranks as Africa’s most populous nation, cannot offer its citizens adequate healthcare. Hospitals across the country are under-equipped, understaffed, and overwhelmed, leaving citizens without access to the most basic of health services. The wealthy few can afford to travel abroad for medical treatment, leaving the average Nigerian to rely on a decaying health system. The question remains: why has Nigeria, despite its age and experience, failed to develop these crucial sectors?

The leadership of Nigeria has, for too long, embodied the traits of arrested development. Instead of visionary, forward-thinking leaders, the country has been governed by individuals more interested in maintaining their personal hold on power than in advancing the nation’s development. Nigeria’s leadership often clings to outdated policies and governance practices that no longer serve a modern state. Instead of embracing innovation, transparency, and accountability, they seek to entrench the status quo.

It is telling that Nigeria’s leadership still depends heavily on external influences, from the IMF, the World Bank, and even donor nations, to implement policies that could be internally driven. Like a child that refuses to grow up, Nigeria has become too reliant on external help, even for challenges that can be tackled domestically. How long will Nigeria continue to depend on these “caretakers” while its people cry for homegrown solutions?

Moreover, leadership succession in Nigeria has not been about talent or competence but about maintaining political dynasties, leading to a culture of mediocrity and poor governance. Leaders recycle themselves, passing on the reins of power to protégés who continue the cycle of incompetence and corruption. This inability to change or reform governance culture is a sign of arrested national development.

Nigeria can no longer afford to act like a baby. The potential for greatness is evident in its diverse population, rich culture, and natural resources. What is missing is the political will to address the country’s challenges head-on. Citizens must begin holding their leaders accountable for their actions, demanding that institutions function independently and efficiently, free of the endemic corruption that has plagued the country for decades.

The time has come for Nigeria to stop the tantrums and blame games. Yes, the scars of colonialism and past mistakes are evident, but they cannot continue to serve as excuses for inaction. Nations with less than half of Nigeria’s resources have risen from worse conditions. Nigeria, with its unique history and potential, has everything it needs to succeed, except the willpower to do so.

The journey from infancy to adulthood is not easy, and no country is immune to setbacks. However, nearly 70 years is more than enough time for a country to have learned the lessons necessary to mature. If Nigeria does not act now, it risks becoming irrelevant in the global economy and in the eyes of its people, who are growing increasingly frustrated.

It is time for Nigeria to grow up. The world is watching, waiting for the “Giant of Africa” to rise. But the longer we delay, the more we risk turning that giant into nothing more than a myth. The time for excuses is over. It is time for action. The nation must stop acting like a baby, there is far too much at stake.

As a child growing up in Igbanke, a small town within the former Midwestern region of Nigeria, I was raised with the narrative that we were of Bini descent. The elders spoke of our migration from Benin, recounting stories of how we came to settle in Igbanke, carrying with us the rich heritage of the Bini people. We spoke Ika, a dialect that was said to connect us to our Bini ancestry. For many years, I accepted this identity. I embraced the stories of old, because they were the only ones I knew, passed down from generation to generation.

But as I grew older, I began to question this narrative. Not out of rebellion, but out of curiosity and confusion. My personal experiences, coupled with the world around me, presented a different picture of who we are as Igbanke people. While the elders continued to insist that we were Bini, I started noticing that our language, customs, and even the way we lived our everyday lives bore more resemblance to the Igbo people of the eastern part of Nigeria than to the Bini. It was not just a casual observation; it was a realization that grew stronger with time.

Our delicacies, for instance, are identical to those found in Igbo communities. The foods we prepare and enjoy, “ofeonugbu” (bitter leaf soup), “akpu” (cassava fufu), and “nkwobi” (spicy cow foot), are staples in Igbo culture. I would visit friends in Igbo-speaking areas, and the meals served at their tables were the same as those I had grown up with. Even the way we dressed mirrored the Igbo fashion sense. Our traditional attire, the “isiagu” (lion head print) worn by men, the intricately woven “gele” (headwraps) and “iro” (wrappers) worn by women, are signature elements of Igbo cultural dress.

But it was not just about food or fashion. It was deeper than that. Our customs and traditions, our “omenala,” seemed to align more closely with those practiced in Igbo communities than with the Bini. Beyond the foregoing cultural semblances, there was an undeniable connection, a bond that transcended geography and history.

Yet, despite these similarities, we have always been told that we are Bini. The argument was simple: our forefathers migrated from Benin, and therefore, we are their descendants. But I could not help but feel that this explanation, though historically relevant, was incomplete. It was as if our identity had been shaped by an external narrative that did not fully capture who we are.

This internal conflict has intensified in recent times, particularly with the growing agitation for the creation of Anioma state. The call for Anioma state has reignited debates about the identity of various communities within the region, including Igbanke. Some argue that we belong to the Anioma region, which is predominantly Aniocha-speaking, a dialect that is easily understood by Igbo-speaking people, while others hold on to the belief that we are Bini by origin and should remain affiliated with Edo State.

This agitation has caused a stir in Igbanke. It has prompted a re-examination of our history, our identity, and where we truly belong. But even in the midst of this debate, there is still no consensus. The elders remain steadfast in their belief that we are Bini, while a growing number of younger people, myself included, feel a stronger connection to the Igbo people.

As I reflect on my own personal journey, I realize that my sense of identity has always leaned toward the Igbo culture. While the stories of our migration from Benin are part of our history, they do not define the totality of who we are. Over the years, I have come to understand that identity is not solely determined by where we come from, but by the culture and values we live by.

I remember several trips to the eastern part of Nigeria, specifically Owerri, Enugu and Onitsha by virtue of profession as Journalist, and each time I embarked on a journey to any of these cities, I usually felt a profound sense of belonging. The language spoken around me was the same dialect we spoke at home, the customs practiced were the ones I had known since childhood, and the people welcomed me as one of their own. It was an experience, for the umpteenth times that left a lasting impression on me. The impression, no doubt, remains what I usually felt throughout my working days at the Lagos Liaison Office of Anambra Motor Manufacturing Company (ANAMMCO) where I worked for more than a decade before transiting my skills to the media sector of the economy.

Assignments to these places made me question why we, as Igbanke people, have been so adamant about clinging to the Bini identity. Perhaps it is out of respect for our ancestors, or perhaps it is because we fear losing our unique history. But identity is fluid, and sometimes it evolves with time. As the world changes, so too do the ways in which we define ourselves.

I have come to a point in my life where I can no longer ignore the truth of who I am. While I respect the Bini heritage that has been passed down to us, I cannot deny the strong cultural and spiritual connection I feel to the Igbo people. From our language to our customs, everything points to the fact that we are more closely aligned with the Igbo culture than with the Bini. This is not a rejection of my history, but rather an acknowledgment of the reality of my present.

The question of identity is not just about where we come from, but about where we feel we belong. And I, for one, feel that I belong with the Igbo people. I have asked the elders time and time again to tell me who we are, but their answers have only deepened my confusion. They cling to the past, while I look toward the future.

If my people refuse to tell me who I am, then I must decide for myself. And I have. I am Igbo, not by migration or historical decree, but by the culture I live, the language I speak, and the spirit that moves within me.

In the end, the search for identity is a deeply personal journey. It is not about rejecting one narrative in favor of another, but about finding the truth of who we are. For me, that truth is clear. I am Igbo, and I am proud to be so.

The debates over the creation of Anioma state and the identity of the Igbanke people will continue, but I have found my own answer. My heritage may be tied to the Bini people, but my heart and soul belong to the Igbo culture. And in that, I have found peace.

Protest is one of the ways used by citizens to draw the attention of the government to pressing issues that are not being appropriately addressed. Most of the demands of the organizers of the #FearlessInOctober protest have either been resolved or are being addressed while others are not in the best interest of the country. Moreover, protests in Nigeria that are tagged as peaceful often end with some elements of violence, leading to disruptions of economic activities and loss of lives and property; the #EndBadGovernance protest is an example. In this light, there was no need for the protest.

The Federal Government has commenced paying the new national minimum wage, and therefore state governments and members of the organized private sector who have not started should follow suit. It’s important that government enforces it. The national minimum wage has a multiplier effect on the economy; it will boost employee productivity, reduce brain drain, and stimulate demand for goods and services. For some time now, many businesses have been struggling in Nigeria, with many going under due to low sales stemming from the low disposable income of the Nigerian worker.

According to the National Bureau of Statistics, Nigeria’s headline inflation on a year-on-year basis has eased for two consecutive months ; dropping to 33.40% from 34.19% in July, 2024 and dropping further to 32.15% in August,2024.The drop in July, 2024 was the first time since December,2022. While this is commendable, the government is not resting on its oars, as it recently raised the Monetary Policy Rate by 50 basis points to 27.25%. I expected this rate hike in light of the new national minimum wage implementation.

In a bid to eliminate banditry and terrorism in the northwest of the country, President Bola Ahmed Tinubu recently ordered the Chief of Defence Staff and Minister of State for Defence to relocate to Sokoto State. This move has already yielded remarkable results. The Federal Government has also deployed 10,000 agro rangers to safeguard farmlands and protect farmers from escalating attacks in 19 states of the country. In an effort to curb oil theft, the Chief of Defence Staff recently inaugurated a joint monitoring team to enhance military operations in the South-South region of the country. Generally, the level of insecurity across the country has dropped significantly, but there is still much to be done and the government is aware.

The request for the reversal of the removal of the fuel subsidy is retrogressive in my opinion. This government has decided to do things differently in order to achieve better results. Yes, it has resulted in a hike in the cost of transportation; therefore, to alleviate this, the government has started distributing CNG buses and conversion kits across the country, with CNG tricycles to be distributed to youth in the pipeline. CNG is a much cheaper alternative to PMS whose price is expected to drop when domestic refineries come fully online due to economies of scale, competition, and the envisaged increase in the value of the naira due to reduced FOREX pressure.

The government has frequently stated its commitment to reducing the cost of governance. However, the recent purchase of a new presidential jet has led people to question its commitment to this cause. The presidency needed a reliable aircraft, which is also more cost-effective than chartering aircraft and frequently maintaining old ones. President Tinubu gave a directive to reduce the size of the Nigeria’s delegation to the just concluded United Nations General Assembly as a sign of his administration’s commitment to reducing the cost of governance.

People have the right to protest as long as it is peaceful; however, in my opinion, the #FearlessInOctober protest was unnecessary as most of the demands made have been overtaken by events. The government has commenced implementing the national minimum wage, inflation is on the decline, the distribution of CNG buses and conversion kits has commenced, and the government has shown its commitment to reducing the cost of governance, as evidenced by President Tinubu’s directive to reduce the Nigeria’s delegation to the just concluded United Nations General Assembly. It is also worthy to note that some of the arrested #EndBadGovernance protesters have been released, and the request for reversal of the removal of the fuel subsidy is not in the best interest of Nigeria. Protest is not the only way to make our voices heard, nor is it the most effective.

Kenechukwu Aguolu

The House of Representatives member for Ideato North and South, Imo Ugochinyere, has called on Peoples Democratic Party (PDP) governors to fly to Rivers State to show solidarity with Governor Siminalaya Fubara.

The PDP Chieftain lamented that no PDP governor has deemed it fit to show open support to Governor Fubara as the political crisis heightens for the slated October 5 local government election.

Ugochinyere, in a statement, on Friday, stated that the Rivers State Governor has shown courage by standing against threats from police and other political interests in the state.

“Serious opposition Governors would have flown to Rivers State right now and be seen with Governor Fubara side by side as show of strong solidarity. The right of Rivers people to vote is under attack from federal agents and you are drinking tea. Please stop making opposition look like jokers.

“Let the PDP and opposition Governors fly down to Rivers State, and boldly stand with Governor Fubara who has displayed great courage to defend democracy at all costs,” Ugochinyere said.

The Ideato North and South Reps member reminded PDP governors that their states may be attacked by the same political interests at play in Rivers State.

“Those at the gate of democracy in Rivers will soon launch attack on your states, and what you do today can make or mar our democracy.

“The alleged failed attempt by police officers to run away with electoral materials for the LGA election is a treasonable action, that requires strong condemnation and solidarity from opposition Governors. Show that you are indeed leaders of this party for once as not adults scared of pro-Wike group’s rantings,” he stated on his X handle.

[NaijaNews]

Bureau De Change (BDC) operators in Nigeria have attributed the recent depreciation of the Naira in the parallel market to scarcity of forex in the sector as major sources become drastically reduced.

The Chairman of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe told Nairametrics that sources of forex to that segment of the forex market have been severely impacted by the recent policies of the CBN.

According to him, members of the Association no longer get as much forex from relevant sources such as exports and external remittances and now rely on irregular intervention from the Central Bank of Nigeria (CBN).

However, Mr. Gwadabe explained that the major culprit for the condition of BDCs is the International Money Transfer Operators (IMTOs).

He said, “The liberalisation of the market has hindered supply inflows which is being reduced drastically and has made it difficult for our people. The International Money Transfer Operators (IMT0s) have ambushed the international remittance payment as most remittance payment now go their direction.”  

“Another source of FX for us, which is non-oil exports, has also been reduced and the CBN intervention is not regular. In the past, we use to do up to $40k weekly but now it’s not more than $20k.” 

Need for CBN intervention for BDCs 

Mr. Gwadabe noted that the Naira will continue to depreciate in the parallel market except there is  regular intervention by the CBN. He explained that the BDCs is the language of the invisible players in the retail end of the market and any sentiment of scarcity by buyers as well as sellers affects the value of the Naira.

The Naira fell to the lowest point in seven months in the parallel market by the end of September at N1,700/$ but recovered marginally at the beginning of trade on the 2nd of October. Although, the official market saw a wide depreciation of up to 8%.

The CBN in the past one year has sought to regulate the IMTOs and enable them to play a more prominent role in attracting foreign exchange into official channels from international sources. In 2023, Nigeria received around $19.5 billion- around 35% of total remittances to Africa according to the World Bank.

However, Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on fiscal policy and tax reforms stated that only about 10% of the nearly $20 billion remittance entered the official forex exchange market as the parallel market swallowed up almost 90% of remittance inflows.

CBN regulation of IMTO and increase in international remittance inflow 

In light of this, the CBN instituted reforms in the IMTO industry first in January by removing the exchange rate cap of +2.5% and –2.5% around the previous day’s closing rate for transactions. The removal of the -2.5% to +2.5% cap marked a major move by the CBN towards liberalizing Nigeria’s foreign exchange market.

By the end of January, the apex bank issued revised guidelines for IMTO operations, raising the IMTO licence application fee from N500,000 in 2014 to N10 million, a 1,900% increase over 10 years. The CBN also set a minimum operating capital requirement of $1 million for foreign IMTOs and an equivalent amount for local operators.

These regulation coupled with the approval in principle given to 14 new IMTOs by the CBN has resulted in increased remittances from IMTOs this year. During the last MPC meeting, the Governor of the CBN, Mr. Yemi Cardoso stated that international remittances via IMTOs increased by 130% to $585 million in August 2024 compared to the same period of last year.

International remittance inflows in the first quarter of 2024 reached $1.07 billion, a 39% rise from the $770.23 million recorded in the same period in 2023. Compared to the last quarter of 2023, which had inflows of $965.82 million, this represents an 11% increase.

CBN data reveals that international remittance inflows have been gradually increasing monthly from $383 million to $585 million in August 2024.

It can be inferred that the regulation by the CBN on IMTOs is paying off as witnessed in the rise in international remittances from the IMTO sector. How BDCs deal with this challenge remains to be seen as intervention from the apex bank become rare.

The decline in FX supply to the BDC segment of the currency market comes on the heels of recent guidelines for BDC operations from the apex bank where it increased where it increased the minimum capital requirement for tier-1 BDCs by over 5000% from N35 million to N2 billion.

[Nairametrics]

Nigerian Business Aviation firm, Falcon Aerospace, has said it is poised for a rapid expansion into the global market.

With a growing fleet, global routes, and an expanding customer base, Falcon Aerospace is strategically positioned to capitalise on the rapidly expanding African business aviation market, currently valued at $1.09 billion.

With a projected compound annual growth rate (CAGR) of 11.98 per cent, the market is expected to reach $2.14 billion by 2030. This strong growth trajectory, coupled with increasing demand for private aviation across the continent, places Falcon Aerospace at the forefront of this dynamic and evolving sector.

Another indication of its expansion into the global market is the company’s participation in the upcoming Invest in Africa Conference (AFSIC), taking place in London.

AFSIC is the largest annual African investment conference taking place outside Africa. As a sponsor, Falcon Aerospace will be exhibiting and networking at the event as the company seeks investment to power its rapid growth and global expansion.

Chukwuerika Achum, the company’s CEO will also be speaking at the event, “Falcon Aero is committed to the vision of a prosperous Africa. To actualise this vision, there must be seamless connectivity of people, ideas and culture with and within the continent, and we believe in the power of business aviation to facilitate this connectivity across borders,” said Achum.

“At the invest in Africa Conference, I will share insights into the business aviation sector in Africa and its potential as catalyst for business and economic success on the continent.”

Tejumade Salami, Chief Operating Officer, said “Falcon Aero’s growth in the past two years has been phenomenal. From the beginning, we set out to democratize business aviation services by improving accessibility and affordability without compromising luxury, efficiency and safety.”

“Today, our operations continue to expand outside Nigeria. We are proud of our growth and are seeking investments and partnerships to fuel this expansion,” Salami added.

According to the organizers, over 1,500 of the most important African investors, dealmakers and business leaders are expected to attend whilst over 350 speakers including leading African investors and African business leaders will provide detailed insight into the positive economic transformation that many parts of Africa are experiencing.

The event will showcase the most attractive African investment opportunities from more than African countries, representing all regions in the continent.

Falcon Aero offers private jet charter, aircraft maintenance, sales and fractional ownership. The firm’s diversified portfolio comprises of private aviation services provider, Vivajets; digital booking platform, Charterxe; and charter per seat platform, FlyPJX, all distinct brands.

“Innovation and technology have been critical factors in our success story. We are building products that integrate digital technology with tailored service delivery to improve booking and travel experience,” said Basil Agbor, Head of Products and Innovation.

“As we join Africa’s premier investment event, we’re looking forward to connecting with visionary investors who share our passion for advancing the private aviation sector,” he added.

AFSIC will be held from 7th to 9th October 2024.

[BusinessDay]

The World Bank has given the green light to a $500 million loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) initiative to mitigate challenges of climate conditions.

World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, Chakib Jenane, announced this during a visit to the Minister of Water Resources and Sanitation on Thursday in Abuja.

Jenane said the SPIN project was approved during the World Bank’s Board meeting on September 26, adding that it was scheduled to commence in January 2025.

He added that the project is designed to address climate-related issues, including floods and droughts, through enhanced dam safety, improved water resource management, and expanded irrigation services.

Janane stated that the project would benefit approximately 950,000 people, including farmers and livestock breeders, emphasising the need for Nigeria to continue preparations to meet the remaining conditions for the project to be effective by the target date.

The World Bank team also provided an update on the Transforming Irrigation Management in Nigeria (TRIMING) project, which is nearing completion.

The team also gave an update on the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, and stressed the importance of involving more states in the initiative.

Jenane encouraged the ministry to explore the establishment of a National WASH Fund, a key objective under the SURWASH programme’s Disbursement Linked Indicator (DLI) 1.

The Minister of Water Resources and Sanitation, Prof. Joseph Utsev, expressed his appreciation to the bank for its continued support of Nigeria’s development, particularly in sustainable infrastructure and water resource management.

He assured the delegation that the Nigerian government would provide the counterpart funding support to ensure the successful implementation of all World Bank-backed projects.

Utsev also emphasised the importance of completing the TRIMING Project on schedule and reaffirmed the ministry’s commitment to meeting the January 2025 deadline.

Minister of State for Water Resources and Sanitation, Dr Bello Goronyo also thanked the World Bank for its approval of the SPIN project, reiterating the ministry’s commitment to the project through collaborative efforts.

[Leadership]