Let us begin from the most obvious: no minister wants to be dropped from the President’s cabinet, if he or she can help it. Reports in some newspapers said as the ministers sat in the Council Chambers last Wednesday waiting for a meeting of the Federal Executive Council [FEC] to begin, five of them were told that the President wanted to see them. You can imagine how their stomachs churned, their heads were spinning, their heart beats increased, their vision became blurred, their hearing was impaired and their legs wobbled as they walked across to the President’s office. They must have looked like cows being led to the slaughter house.

The remaining 40 plus ministers who were not among the five called to the President’s office were not at ease either. How would they know if those called in were only the first batch, and that a second, possible even a third or fourth batch would later be called in for a routine “thank you for your service, I wish you success in your future endeavours” meeting? Being called to the President’s office is often unpleasant for a minister. A minister in President Obasanjo’s government told me a story of how, after a nasty exchange with a cabinet colleague at a FEC meeting that required the president’s intervention to calm matters down, the President asked him to follow him to his office. He fully expected to be sacked and regretted that he had not resigned after the hot exchange at the FEC meeting. But when he got into the President’s office, old man Obasanjo brought up something else!

Presidents, too, do not like to sack ministers. A loyal and friendly minister, once sacked, could go straight into the ranks of the president’s political enemies. Still, the clamour had been on for months, in political circles and in the news media, for President Tinubu to rejig the Federal cabinet. For different reasons. While the mass media, which claims to reflect the public mood, was demanding for changes because citizens are highly dissatisfied with the Federal Government’s current trajectory, politicians want a change so that some of the people standing outside and looking inside will get a chance to come in and be looking outside from the inside. The clamour soon graduated into a rumour that a reshuffle was impending, which the President’s spokesman later confirmed was afoot. To boot, when the President took off on a two-week break, it was said it was to afford him an opportunity to reflect on his government. Nigerians interpreted that to mean to mull on the changes he was about to make. Besides, the Presidency had sensationally said last year that Hadiza Bala Usman, the President’s Adviser on Policy Coordination, will keep a score card of ministerial performance and Tinubu himself publicly pledged to sack any minister who did not perform to expectation.

Was it wise for the Presidency to confirm late last month that a reshuffle was imminent? One can imagine that from that point, there was unease in ministerial tummies and many of them will be unable to concentrate on their duties. There will be a scramble to the houses of godfathers, party bigwigs, presidential family members, traditional rulers, clerics and even babalawos to put in a word or to throw in some incantations in order to save a job.

And why not? It was not easy to get into the cabinet in the first place. Thousands, if not tens of thousands of people all over the country were angling for the slots when the cabinet was being constituted last year. Politicians who worked hard in successful election campaigns believe they should be rewarded with ministerial posts. Some people wanted to be ministers because they were ministers before and they believe they should be ministers again. Some other people thought they should be ministers because they had never been ministers before. Still other people thought they had attained high positions in other areas of the public service or in the professions and they therefore deserve to be appointed as ministers. This last group of aspirants remind me of what Professor Godwin Soglo said at a NIPPS seminar in 1980, that acquiring education in a society where millions of others were denied the chance, or even attaining high positions in areas of public life, is a privilege and one privilege does not entitle anyone to another privilege!

The cabinet reshuffle cat was finally let out of the bag last Wednesday when five ministers were discharged, ten ministers were reassigned and seven new ones were appointed. That phrase “discharged,” which the Presidency said was the appropriate one to use instead of the “sacked” that the media was fond of, was it at all appropriate? It is given to misunderstanding. In one episode of the 1970s British sitcom Mind Your Language, the Indian Sikh student Ranjit did not come to class one day and he explained to the teacher that he had to stay at home with his brother who had just been discharged. The teacher Mr. Brown said, “Oh, from hospital.” And Ranjit said, “No, from prison.” The ministers who were discharged from the cabinet, was it from a hospital or a prison?

Was the reshuffle well worth it? Almost no one stood up in Nigeria and granted it a standing ovation. One intellectual said “it was underwhelming.” Even though the Presidency statement said it was designed to improve efficiency and performance, historically, cabinet reshuffles are used in Nigeria mostly to satisfy the public lust for blood, especially when things are not going on well. In the long years when this country was ruled by a string of Army Generals, newspapers had a habit to spreading rumours of an impending reshuffle ahead of each anniversary of the regime. This is often accompanied by suggestions of which ministers would get the sack, attributed to anonymous “informed sources close to the government” when in truth it is the wish of the reporters.

Different rulers of Nigeria handled their cabinets differently. General Babangida had some of the most accomplished technocrats as ministers but he routinely changed his cabinet, courageously so because he often changed military Service Chiefs and on one occasion, he even dissolved the Armed Forces Ruling Council. It was a complete departure from General Yakubu Gowon, who retained the same military governors [with only one change] for nine years and only changed some ministers in 1974, after seven years. General Sani Abacha, whose cabinet met once in a blue moon, sacked the first one after 15 months and made sweeping changes. President Obasanjo also made regular changes to his cabinet. The most sweeping change I remember was however made by the taciturn President Yar’adua who, after 15 months in office, sacked 20 ministers in one fell swoop. Both Presidents Jonathan and Buhari made only few and far between cabinet changes while they were at the helm.

The reasons why Presidents sack ministers are often not the ones that the public or the mass media imagine. It could be due to failure to get on well with the First Lady, or annoying a party godfather, or a protocol snafu, or rumours of going out with the wrong person. Ok, President Tinubu pledged that who stays or who goes in his cabinet was going to be based on Madam Hadiza Bala Usman’s assessment report. How did she do this assessment? As a former teacher myself, I would like to see the Marking Scheme that she used. How can you mark an exam answer sheet without a marking scheme?

When we were freshly recruited as Graduate Assistants, our wise old Head of Department Professor S.H.Z. Naqvi told us that, “A student who attends his lectures regularly, listens attentively, takes lecture notes, reads them carefully and is able to reproduce them in the exam, deserves only a C.” B, he said, is the student who goes beyond the lecture notes and reads textbooks, whereas “an A is the outstanding student,” apparently one who marshals his points in the exam better than even the lecturer could do!

Can we kindly see the score sheet of Mrs. Usman’s recorded marks? Please let is not be like the recent Local Government election in some states, where election materials arrived at the polling stations without the Result Sheets. If at all those scores were the basis for the cabinet changes, Nigerians want to see the scores of the persons in charge of fuel prices, fuel supply, food prices, transport fares, naira value, power supply, Band A power rates, ASUU and medical workers’ strikes, protracted minimum wage negotiations and its delayed implementation, as well as physical defence of communities from kidnappers and terrorists.

Pray, what was the JAMB-style Cut-Off Point for admission into the federal cabinet? Was it an A, a B, a tolerable C, or even some D scorers squeaked through? Considering that the former Minister of Education disallowed anyone under 18 from entering a higher institution, is there an age below which one cannot enter the Federal Executive Council?

What is the value of scandal in the ministerial assessment? Does it, for example, earn a minister a  Libya-style CAF punishment, a fine and deduction of points and goals scored? Ok, one minister who threatened to sue the United Nations and one minister who caused a national uproar by prioritizing entry age into higher institutions were discharged, but what was the score of the minister who completed many city infrastructure road projects but bogged down a state government and caused chaos in a Local Government election, including the burning of LGA offices? Was the assessment something like how they mark objective tests in a medical school, where for every wrong answer a student ticks, one correct answer that he ticked is subtracted?  That way, a 50% score could translate into a 0% score!

Cabinet reshuffle is a tricky art. It often buys precious political time for the Presidency, but only for a short while. The next clamour for cabinet changes will start early in May next year, because it is the Administration’s half-way mark.

The challenges in Nigeria’s educational sector are complex and pressing, encompassing poor quality, inadequate funding, limited access, and an outdated curriculum. The World Bank reports that Nigeria’s education sector is severely underfunded, with only about 7% of the federal budget allocated to education in 2024, well below the UNESCO-recommended 15-20% needed to make a meaningful impact. These systemic issues significantly impact Nigeria’s economy and social fabric, contributing to unemployment, poverty, and inequality. The need for reform is clear and urgent: transforming education is critical to Nigeria’s global growth and competitiveness.

The recent appointment of Dr. Tunji Alausa as the Minister of Education in Nigeria is a crucial and hopeful step in the nation’s urgent mission to revitalise its educational system. This change in the leadership of the education ministry underscores the president’s commitment to prioritising education reform as a cornerstone of Nigeria’s socio-economic development. Dr Alausa’s posting to the Ministry reflects a desire for credible leadership prioritising competence, experience, and integrity over political motivations. Having worked in the university system on three continents, Dr Alausa brings new hope for reform in the education sector. His appointment signals a commitment to impactful policies focusing on transparency and accountability. With a robust background in education and administration, he is expected to bring experience and knowledge to the Ministry, helping to break from the ineffective policies and practices of the past. 

For decades, Nigeria’s education sector has grappled with systemic failures that affect all levels of schooling. In primary education, over 10.5 million Nigerian children are out of school, representing the highest rate globally for out-of-school children. The majority are in the northern regions affected by poverty and conflict. Many primary schools lack basic amenities such as clean water, functional classrooms, and teaching materials, resulting in an environment that discourages learning and growth.

At the secondary level, transition rates are low, with many children who complete primary school not enrolling in secondary education. This gap is influenced by factors such as poverty, child labour, and insufficient infrastructure, leading to significant dropout rates and educational gaps. Additionally, with few secondary schools in Nigeria providing science laboratories, students are often unprepared for careers in science, technology, engineering, and mathematics (STEM), fields that are critical to Nigeria’s future competitiveness.

The challenges extend to the tertiary level, where Nigerian universities struggle with overcrowded classrooms, limited research funding, and chronic staff strikes. We have suboptimal teaching staff capacity and little research output. With approximately 2 million applicants vying for less than 600,000 spots each year, Nigeria’s tertiary education sector falls drastically short of meeting the demand for higher education. Moreover, Nigeria’s graduate unemployment rate is 33%, highlighting a mismatch between university training and the skills needed in the job market. Some argue that some of our graduates are unemployable. This situation demonstrates the urgent need for curriculum reform, stronger links between academia and industry, and a comprehensive strategy to address the skills gap.

The brand-new minister should call for immediate reforms in six critical areas that could lay the groundwork for long-term success and transformation in Nigeria’s education sector.

First, extensive policy changes and secure funding for primary education are essential. However, it’s crucial to ensure that local government autonomy does not endanger consistent support for primary schools. Whereas LGAs are responsible for funding primary education, we know this is not feasible in practice. The Federal Ministry of Education should propose a policy that sees all three tiers of government funding primary education. Again, federal and state governments need to revive school inspectorate.

Second, addressing the out-of-school children crisis requires targeted solutions, especially in marginalised and rural communities where the need is most acute. For example, programmes like the Better Education Service Delivery for All (BESDA), which focuses on re-enrolling children in schools, have shown promise in states like Kano and Katsina. However, more significant investment and expansion of such programmes will be needed to make a substantial dent in the out-of-school population. Specific initiatives targeting girls, who make up over 60% of the out-of-school children in Nigeria, will be essential to ensure gender parity in education and reduce the barriers that prevent young girls from completing their schooling.

Improving quality standards across all educational levels is also critical. Setting rigorous benchmarks for institutions and implementing accountability systems will help drive consistency and excellence. For example, programmes like the Quality Assurance Initiative introduced by the Universal Basic Education Commission (UBEC) aim to monitor and evaluate primary school performance, but similar initiatives must be scaled and extended to secondary and tertiary levels. The evaluation method of individual students needs to be reviewed. 

Furthermore, enhancing teacher training and certification processes is fundamental to improving quality. Over 50% of Nigerian teachers lack the qualifications to teach effectively. Nigeria can ensure educators have the skills and knowledge to deliver high-quality education by focusing on recruitment, certification, and ongoing professional development.

Ensuring access and equity is another vital focus area. Gaps in urban and rural access to quality education remain a significant challenge, with rural children being disproportionately impacted. Infrastructure and policy support for underserved areas can help bridge these divides. Initiatives such as the school-Based Management Committees (SBMCs), which involve community members in managing schools, have successfully improved local accountability and increased school enrolment in rural regions. Expanding these community-driven approaches will be instrumental in achieving equitable education for all Nigerian children.

The curriculum itself requires a comprehensive overhaul. In a world driven by technology and innovation, Nigerian students need an education emphasising critical thinking, creativity, and adaptability, aligning them with global standards and preparing them for competitive careers. Programmes like the National Policy on Science and Technology Education aim to revamp the curriculum to foster critical skills, but implementation has been inconsistent. We must make a nationwide effort to introduce STEM subjects early.

In terms of infrastructure, investment in physical and technological resources will enhance the learning environment. Data from the Federal Ministry of Education shows that only 30% of secondary schools have access to functional libraries, and even fewer have the necessary digital resources to support modern education. Upgrading facilities, establishing sustainable maintenance plans, and introducing digital learning resources in schools will be essential for creating a conducive learning environment.

To address these challenges, Dr. Alausa could consider implementing several innovative strategies. First, a National Education Technology (EdTech) Programme could be introduced to leverage digital solutions and bridge access gaps. Providing affordable tablets preloaded with interactive curricula to students in rural areas could improve access to learning resources and enhance the overall learning experience. This programme could be developed in partnership with EdTech companies, enabling students to access digital resources, interactive lessons, and adaptive learning tools tailored to their progress.

Establishing a National STEM Initiative would address Nigeria’s science and technology skills shortage. Creating specialised STEM-focused schools equipped with advanced laboratories and trained teachers would help students develop competencies in critical areas. The initiative could also promote a “STEM for Girls” programme, providing mentorship and scholarship opportunities to encourage young girls’ participation in STEM fields.

To tackle the high unemployment rates and skills mismatch among graduates, Dr Alausa could introduce vocational pathways within secondary education. A “dual education model,” similar to Germany’s, would combine academic learning with hands-on industry training. Offering vocational tracks in carpentry, digital literacy, and agriculture could provide students with practical skills, increasing their employability upon graduation. To support this model, public-private partnerships could help create a seamless connection between schools and industries.

Dr. Alausa could also launch a Teacher Training and Empowerment Academy to improve the quality of teaching nationwide. This academy would focus on modern pedagogy, digital literacy, and STEM teaching methods, ensuring teachers are well-equipped to meet the demands of today’s educational landscape. Accessible as both an online resource and through in-person sessions, the academy would provide ongoing professional development for teachers, leading to certifications and career advancement opportunities.

Regional Curriculum Innovation Centres could be established to ensure Nigeria’s curriculum remains relevant. These centres would work with industry experts, universities, and educators to continuously update the curriculum, integrating critical thinking, creativity, and industry-aligned skills. Such centres could help keep the curriculum adaptable to changing job market demands and regional educational needs, ensuring students are prepared for future challenges.

Finally, establishing Education Savings Accounts (ESAs) could provide financial assistance to low-income families, enabling them to save specifically for their children’s education. Such accounts, supported by government contributions or matching savings, could be used for education-related expenses, making education more affordable and accessible to low-income families. The current funds from the Education tax must be utilised appropriately to optimise the system. By allowing companies to “Adopt a School” and invest in facilities, technology, or libraries, PPPs would alleviate some of the financial pressures on the government and improve the learning experience across Nigeria.

Nigeria’s education sector requires a cohesive, long-term strategy to ensure sustained improvement. A comprehensive plan should involve collaboration among policymakers, educators, “industry”, “stakeholders”, and communities, creating a unified vision for the future of education. This grand strategy must include mechanisms for accountability, transparency, and sustained investment. While the road to meaningful reform is challenging, transformative change in Nigeria’s educational system is possible. Dr Tunji Alausa’s appointment signals a renewed focus on making Nigeria’s education system a powerful driver of progress, pivoting the transition from a resource-based to a knowledge-based economy, and providing young Nigerians with the skills and knowledge necessary to contribute to the nation’s growth and prosperity. With commitment, innovation, and perseverance, Nigeria’s education sector can be revitalised to meet the needs of future generations.

Amid the hum of cooling fans and squelch of vacuum pumps, a new home for 12 quantum computers has opened in Oxfordshire, as part of a bid to put the UK ahead in a global race to harness the technology.

Quantum computers promise to solve problems too hard for even the most powerful supercomputers - like those requiring vast numbers of parallel computations like complex weather simulations, the binding of drugs to their targets, or the vagaries of financial markets.

 

 

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While prototypes have proven that the weird world of quantum matter can be used to perform calculations - none are yet large or stable enough to be of much use.

"With its focus on making quantum computers practically useable at scale, this centre will help them solve some of the biggest challenges we face," said science minister Lord Vallance.

Quantum computers exploit the strangeness of quantum physics to replace the "bits" - zeros and ones - that encode information in classical computers with something fundamentally different.

If manipulated in the right way, matter can be coaxed into quantum bits - or qubits - that can be both a zero and a one at the same time.

This power, and the fact qubits can become "entangled," or interact with each other means a relatively small number of qubits can perform more calculations in parallel than a classical computer chip ever could.

However, even the slightest interference from the outside world can destroy a fragile qubit, so building groups of them large enough that last long enough to make a reliable computer is a major challenge.

The new National Quantum Computing Centre at the Rutherford Appleton Laboratory in Harwell is designed to accelerate that research.

The 4,000-square-metre facility is designed to host multiple competing designs of quantum computer and around a hundred scientists working on them.

Some commercial, others developed by university teams - to try to solve hardware and software problems in parallel.

"The UK National Quantum Computing Centre is central to this critical work, bringing together internationally leading researchers and technologists from across academia and industry to ensure that the UK's quantum computing ecosystem thrives," said Prof Dame Ottoline Leyser, chief executive of UK Research and Innovation that is funding the centre.

Competition is fierce. Big tech firms like Google, Microsoft, IBM and Amazon are all investing in quantum technology. So too are other states, led by China, which directs more government funding into the field than anyone else.

The potential for quantum computers to crack the encryption tools used to keep most online traffic secure gave rise to the term "Q-day" - when the first machine emerges with the capability to decrypt the internet.

It's still some way off, but helps explain why governments are interested in betting big on a technology that promises much, but has so far delivered little.

[SkyNews]

President Bola Tinubu has extended his warmest congratulations to President Luong Cuong of the Socialist Republic of Vietnam on his historic election to the esteemed leadership position by the parliament.

Cuong, 67, has served in the Vietnamese army for over 40 years and has been a Politburo member since 2021.

The president, in a release issued on Sunday by his Adviser on Information and Strategy,  Bayo Onanuga, welcomed President Cuong’s post-election promise to promote Vietnam “as a friend, a trusted partner, an active and responsible member of the international community”.

President Tinubu reaffirmed that the enduring warmth and friendliness of the relations between Nigeria and Vietnam, as evidenced by the steady growth in trade and cultural exchange, are rooted in a shared commitment to fostering a more peaceful world.

The president assured the Vietnamese leader of Nigeria’s commitment to improving bilateral relations across various sectors, including trade, agriculture, food production, education and cultural and technological exchange.

President Tinubu hoped for President Cuong’s successful leadership in serving his people and humanity.

[Thisday]

Dr. Olutoke Abraham, a resident doctor at the Federal Medical Center in Abeokuta, has challenged the widespread belief that low sexual activity contributes to prostate cancer.

Speaking at a medical outreach organized by the Rotary Club for traders at Abeokuta’s Tarmac Phone Village, Abraham emphasized that age, smoking, and obesity—not sexual activity—are significant factors increasing the likelihood of developing prostate cancer, especially among African men aged 50 and above.

 “There is a general myth suggesting that either reduced or increased sexual activity could cause prostate cancer, but this is simply untrue,” Abraham clarified, underscoring the lack of scientific backing for such claims.

“Instead, research consistently shows that risk factors like age, smoking, and obesity have stronger correlations with prostate cancer.”

He further noted that prostate cancer is now the most prevalent cancer among Nigerian men, accounting for 11% of all cancers affecting men in the country. This statistic, he stressed, highlights the urgent need for regular health screenings.

Dr. Abraham urged middle-aged and older men to prioritize their health by routinely visiting hospitals for preventive checkups, pointing out that men in Nigeria tend to seek medical care less frequently than women.

“Studies show that women generally demonstrate better health-seeking behavior than men, who often neglect their health in favor of work or caring for family members,” he explained. This trend, Abraham warned, may lead to delayed diagnoses and poorer health outcomes for men.

He recommended that men over 50 undergo regular evaluations, including blood pressure, blood sugar, and prostate-specific antigen (PSA) tests. These screenings, he said, are crucial for detecting prostate cancer in its early stages before it spreads to the bones, spine, or other organs.

“Early detection is key,” Abraham emphasized. “If prostate cancer is caught early, it can be effectively managed or even removed to prevent serious complications.”

With prostate cancer on the rise in Nigeria, Abraham’s message serves as a reminder of the importance of medical awareness and proactive health measures, especially among men at higher risk.

[NationalDaily]

Elections are losing their values in Nigeria. They are becoming moribund and anachronistic. The question is why do we still pretend that elections are of any use in this country? Those who organise the exercise know too well that nothing serious is happening. Politicians also know there are no elections in the real sense of the word.

All over the world, election is a serious business and politicians do everything to outwit their opponents. As Americans prepares for their Presidential election in a few days’ time, main candidates are employing all propaganda to psyche down one another. But elections will hold and credible results will be declared to the satisfaction of majority of voters.

But Nigerian elections have ceased to excite the citizens. Results are hardly credible and the impunity of those who perpetrate the heist is irritatingly annoying. These have combined to push many people away from showing up at the polling booths on election day.

Like many other things in Nigeria, elections may have lost their value. Citizens are becoming increasingly weary of going to the polls, simply because they believe their votes would not and do not count.

Those who have adopted this position are being justified by the shambolic elections that are being organised by the Independent National Electoral Commission (INEC). Statistics, since 2007. It was better in 1999 when the country returned to civil rule, but subsequent elections have witnessed lower voter turnout than the ones preceding them.

Let me conduct you through the awful trajectory since 1999. It was 52.3percent in 1999; 69percent in 2003; 57.5percent in 2007; 53.7 percent in 2011; 43.7 percent in 2015; 34.8percent in 2019, and 28.63percent in 2023.

The consistent decline was in spite of the touted adoption of technology in the electoral process.

Increasing voter registration has failed to translate into more voters turning out to exercise their franchise.

President Bola Ahmed Tinubu of the ruling All Progressives Congress (APC) was declared winner with fewer than 9 million votes. With 36.61percent of the total votes cast, the President is presiding over a country of over 220 million people!

The situation is not better in sub-national elections as the high level of electoral malfeasance has discouraged many Nigerians from showing interest in the electoral process.

In the last off-cycle gubernatorial election in Edo, the turnout was pathetic. Voter turnout has been on the downward trend.

For instance, the turnout in the 2016 poll in Edo that brought Godwin Obaseki to power was 32.7percent, as 622,029 votes were cast out of 1,900,223 registered voters. In 2020, 24.9percent, or approximately 25percent, was recorded, in which 550, 242 people voted out of 2,210534 total registered voters. In the last election, only 22percent was recorded.

It does not seem that things will improve in the near future despite the gale of condemnation that trails the activities of election handlers and the rhetoric emanating from political practitioners.

The desperation of politicians is making elections in the country look laughable. Ahead of the Ondo State gubernatorial election, some chieftains of the ruling party are already claiming victory when the exercise has not been conducted.

They have also given the Governor of Anambra State, Chukwuma Soludo a notice that he should not waste his time and resources to seek re-election.

The way things seem at the moment, the ruling party may have perfected plans to win wherever and whenever elections are held going forward. For the party’s apparatchiks, it does not matter whether elections are free, fair or credible, what appears to matter is the end justifying the means.

Many Nigerians are saying that there is no need for the government at all levels to waste time and resources organising shambolic elections, but that they should just anoint their choices and crown them without disturbing the citizens.

No additional bodies from the wreckage of the helicopter that crashed on October 24, 2024, has been found, the Nigeria National Petroleum Company Limited (NNPCL) has stated.

In a statement Sunday, Olufemi Soneye, the Chief Corporate Communications Officer, stated that search was still ongoing.

Soneye said: “The NNPC Ltd wishes to announce that beyond the three bodies found in the ill-fated helicopter operated by East Winds Aviation that crashed on Thursday in Port Harcourt, no other bodies have been recovered.”

He said the company further noted that intensified search and rescue operations for the remaining bodies along with relevant authorities were still ongoing. “Once again, our hearts and prayers are with family members of this unfortunate incident.”

It will be recalled that at about 11:22am on the fateful day, the NNPCL announced it lost contact with the Helicopter – Registration Number: 5NBQG, engaged by NNPC Limited, that took off from Port Harcourt NAF Base en-route the FPSO – NUIMS ANTAN. The helicopter was operated by East Winds Aviation.

The NNPL said that there were eight persons on board (six passengers and two crew members), saying the appropriate authorities had been contacted, including the Ministry of Aviation. It was at that point that the three bodies were announced as found.

[BusinessDay]

The Governor of the Central Bank of Nigeria, Yemi Cardoso, has announced a reduction in market volatility, attributing it to the foreign exchange reforms undertaken by the apex bank.

Cardoso disclosed this during a press briefing in Washington, USA, following meetings with stakeholders from the World Bank.

He explained that the bank’s bold and unconventional reforms have boosted foreign exchange supply and increased remittance inflows into the country.

Additionally, he highlighted that the bank has curtailed arbitrage and speculative activities, while also eliminating the front-loading of foreign exchange demand.

“Since assumption of office a year ago, we’ve been focused on how to address inflationary concerns,   restore investors confidence in financial markets and stabilizing the exchange rate. Enhancing the financial system, fostering financial inclusion and enhancing transparency in our monetary policy decisions and communication.  

“We embarked upon bold and necessary reforms to return to the path of monetary policy orthodoxy as well as removed observed distortion in the foreign exchange market. Our efforts have yielded significant progress as volatility in the foreign exchange market has abated immeasurably and remittances have also increased significantly.  

“We’ve achieved increased transparency and improved overall supply in the foreign exchange market, leading to reduced arbitrage, speculative activities and eliminated front loading of foreign exchange demand,” Cardoso stated.  

Bank Recapitalization Policy  

Cardoso also commented on the CBN’s recapitalization policy for deposit money banks.

According to the apex bank governor, the initiative aims to support a N1 trillion economy by 2030.

However, he acknowledged that much work remains to be done, stressing the importance of maintaining and consolidating current progress through an efficient market system and the deepening of financial inclusion.

“The CBN recapitalization policy has prompted deposit money banks to strengthen their financial position, a process expected to result in a more robust and resilient banking sector by March 2026. The exercise is meant to support the realization of the N1 trillion economy by 2030.  

“We recognize that much is still needed to be done to fully achieve our goals. Our paths forward include consolidating and sailing current progress through an efficient market system and deepening financial and economic inclusion, particularly for small businesses, households, women and young people in Nigeria.  

“By leveraging smarter technology and remote banking solutions, we aim to reduce transaction cost and expand financial access, ensuring that every Nigerian, regardless of location or demographics, can meaningfully participate in our involving financial system,” Cardoso said. 

What you should know 

Since last year, Nigeria has faced currency fluctuations in the foreign exchange market, triggering widespread instability across all sectors of the economy.

• At the height of the crisis, the naira depreciated to as low as N1,900/$ against the dollar earlier this year.
• However, the currency rebounded to approximately N1,600/$ in September, maintaining a range of around N1,650 with signs of stability.
• In response, the CBN introduced several measures and directives to manage the currency, including crackdowns on the informal FX market, such as BDC operators, and the crypto market.
• This month, the naira has shown relative stability against the dollar, accompanied by a significant rise in foreign exchange inflows into the reserves.

[Nairametrics]