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Clean Energy For Cleaner Earth

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The modern world in the 21st century needs to jellyroll its old ways and practices that have caused environmental degradation, pollution, global warming, ozone layer depletion, culminating in climate change. These ways and practices include greenhouse gases emissions, deforestation which is common in the Third World, air pollution from fossil fuels, desertification, etc; hence the need to embrace cleaner fuel, cleaner energy and cleaner environment.
The earth is witnessing more natural disasters now than at any period of time occasioned by human factors and natural effects. Deforestation, caused by tree felling without replacement for the purpose of cooking or energy source which is still rampant in developing countries. There is also the melting of glaciers caused by increase in temperature that swells the volume of oceans and seas around the world. Heat wave is now in a greater magnitude in Europe, the Americas and North Africa as recent reports show than at any other time. It also includes the Tsunamis of 2011, especially the one that hit Japan and other Islands in Asia, and the Fikushima nuclear disaster with so devastating effect.
The world should not forget in a hurry Hurricane Katrina of 2005 that caused unimaginable catastrophe to the people of USA. There had been some other disasters like typhoons and cyclones affecting the United States and Central America. Only recently, there were wildfires in Canada, the United States and parts of Europe, including Australia. Wildfires also devastated the Amazon forest in Brazil some years ago.
This year, countries like Germany, Belgium and parts of the Netherlands experienced heavy flooding with the water (flood) level reaching very high levels and causing terrible devastation to homes, business, schools, power lines and communication facilities. Also, there has been unusual torrential rainfall coupled with thunder storm/rainstorm leaving in its wake massive destruction of homes and livelihoods in Africa and Asia, particularly South East Asia, West Africa and Latin American countries.
The green house gases emissions which is most common in the advanced countries of the northern hemisphere sometimes described as high income nations, have contributed a lot to ozone layer depletion and global warming. And they are not doing much to cut back emissions level as agreed in the protocols adopted at the World Climate Convention of 1992 in Rio de Janeiro, Brazil, the Kyoto Climate Convention in Japan and other such conventions.
Declining green vegetation and inadequate forest resource in most of our urban and rural settlements due to urbanisation and massive construction of roads, buildings, dams and power stations and other harmful human activities as deforestation for different purposes have all contributed in no small measure to cause global warming and environmental degradation.
In this millennium, governments all over the world and humans have done much harm to the environment and the ecosystem than any other. Also to be blamed is the global dependence and use of fossil fuel for running industries, machines and automobiles and to power homes and factories. Added to the above factor is the reluctance or unwillingness of governments to take a more pragmatic approach and action against harmful acts and practices that degrade the environment and pollute the air, atmosphere thereby contributing to ozone layer depletion and climate change.
Worthy of mention is the action of the President Barak Obama’s administration of the United States, who took a hard stand and came on heavily on the oil giants British Petroleum (BP) when they polluted the Gulf of Mexico from their negligence. He ordered them to clean up the environment, pay compensation for the damage and to stop all of their operations.
Our ecosystem, marine life, the wetlands, seas, oceans and rivers, the animals, insects, birds, microbes and micro-organisms, including the green vegetation would thrive well and better with cleaner environment. Any wonder, the new paradigm is cleaner fuels, cleaner energy and cleaner environment. This new modern technology that has been embraced and put in use by some advanced countries of the world includes wind energy, solar energy and gas-powered energy, nuclear energy etc.
The cleaner energy and cleaner fuels (also known as renewable energy) have come to stay and have done so much good to mitigate climate change, ozone layer depletion and global warming. This renewable energy is the energy for the future and the right way for the world to go. Environmental friendliness and respect for the rights of the environment will guarantee cleaner and healthier air/atmosphere with a safer and better ecosystem. Also, the bio-diversity will be preserved.
Also in parts of the world or countries that enjoy sunshine for some parts of the year. This solar energy is clean, safe, convenient, very reliable and environmentally friendly; likewise the wind energy, which is derived from windmills driven by the force of the wind and generates power by the force that drives the turbines to produce electricity. You can have many windmills in a location called wind farm, and their combined force can power a large town or city. Again this energy is clean, convenient, reliable safe and environmentally friendly.
Similarly, nuclear energy which is got from uranium can be used to generate electricity by a nuclear reactor that can power large towns, cities and industries. To generate electricity for peaceful purpose not for military purpose and you would need to get approval from the International Energy Agency (IEA). It is also a clean, reliable, convenient and environmentally friendly mode of generating electricity.
Ayooso is a public affairs analyst
Of course, stories like this are not strange in our society where cultism and gangsterism is now the order of the day. Many of our young ones, particularly the young men have become thugs, kidnappers, terrorists, rapists, drug addicts, bullies and all that. And as each day passes, you wonder what the future holds for Nigeria with this crop of people.
This challenge was the main topic for discussion at a youth training programme recently. The parents, guests and speakers were perturbed that our young men and boys are going astray. A good number of them have become internet fraudsters, many are out of school, some have become a big problem unto the country, making our villages and towns very insecure and difficult to dwell in. From the presentations and contributions, it was obvious that many of our young men have issues and need help. And the big question was, who will save our boys?
I particularly liked the perspective of one of the guest speakers, a psychologist, to the issue. He heaped the bulk of the blame on the society, families and parents. According to him, generations of the male children both in Nigeria and elsewhere have been raised to suppress their emotions. They are brought up to believe that being a male, they are not supposed to let out their emotions even when they are hurting. He said phrases like “be a man; men don’t cry; why are you behaving like a woman?’’ and many others depict that being a male, you are supposed to behave like a superhuman, you are discouraged from sharing your feelings with anyone.
The implication, according to him, is that with such mentality, many men have no option than to express their emotion through anger or other unruly behavior. At any little provocation the person is ready to bring down the roof. Some do not mind inflicting injuries on others or even killing as it was in the case of Kunle. Just for a mere misunderstanding broken bottles and other dangerous weapons were being brandished by everyone.
The psychologist went further to point out that in a society like ours where there are high expectations from the male child, some of them are bound to get involved in all manner of crime – internet fraudster, kidnapping for money, name it. He painted a scenario where two people, a young man and a young woman will graduate from the university at the same time. The woman may immediately get married and from then going forward, her husband will be expected to cater for virtually all her needs while on the other hand, her male counterpart’s preoccupation will be how to get a job, rent a house, get married and start his own family. Not measuring up to this high expectation, some young men get frustrated and take out their frustration on people around the and the society at any given time.
He also highlighted the problem of poor parental upbringing, deteriorating family values, socio-cultural norms among other
I cannot agree more with the psychologist. Yes, criminality or defiance has no sex barrier. Both male and female are involved in the negative acts but what is the percentage of both sexes? How many females  are among the agberos in our various motor parks across the country many of who make a living from hooliganism and thuggery? What is the percentage of the female sex among the homeless almajiri children seen mostly in the northern parts of the country? Recently I saw a squalor where some teenage almajiris live and I immediately concurred with the people who say that it may take a very long time to end Boko Haram insurgency, banditry and kidnapping in the country as those are avenues for them to protest against an unfair society in addition of the semblance of family tie these street kids get from them.
Some of these motor park touts under the umbrella of NURTW who have today become a menace to the society are creations of some desperate politicians and other moneybags who allegedly have them on their pay roll and use them as private army and tools for destruction during elections. Perhaps that is the reason why the threats of proscribing the union by Lagos State law makers and a similar call by many concerned citizens across the country have never come to be.
Our leaders have capitalized on the high unemployment rate in the country to take advantage of the young ones. Many experts and researches have posited that unemployment is the root of violence in Nigeria as unemployed youths are more likely to be perpetrators as well as victims of crime.
Therefore, it is high time we began paying more attention to our boys than we currently do. Many of these boys are hurting, some are daily being abused at different places by different people even women but they can’t speak up because “they are men”. Pertinent issues concerning the girl child are constantly being brought to the lime light both locally and globally.  Currently we have the 16 days of activism against gender-based violence with the theme: Orange the world: End violence against women now and one is just imagining how good it will be for similar attention to be paid on the issues concerning the male child, especially their emotional issues by parents, family members and the larger society. I have no doubt that that will do the country a whole lot of good.

of the College to quickly absolve their students from the act that led to the eventual death of the junior student, blaming it on injury he sustained while playing football. The question many have asked is, if the kid sustained such a life threatening injury, did the school notify his parents? Did the school treat him? And what degree of treatment was given to him? Many parents that have children in boarding houses know that when a child sustains a certain level of injury or when he is suffering from certain illness, the attention of their parents is usually sought and sometimes they are asked to take their child to their family doctor for better treatment.
For the parents of some of the alleged culprits who have reportedly flown their children abroad thereby protecting them from justice and correction, it is rather a big shame. This kind of cover up is probably what they have been doing that resulted in their children now being murderers. It is in their best interest to bring those children back to answer for their crime to avoid more shameful acts from these children in years to come. If only other parents who have the habit of covering the wrongs of their children will learn from Dowen College incident.
Lizzy Ozioko,
Oroigwe.

Nigeria’s Problems Will Increase If…

The Vice-president, Prof Yemi Osinbajo, told a group that visited him in Abuja. “it is wrong” for Nigeria, which is the largest economy in Africa, to break apart. We must never relent in ensuring that we keep to the ideals of the country and we don’t lose sight of what we are trying to achieve here,”
“People who suggest that the country breaks up, whatever may be the reason for their views, are certainly not correct and we must say so to them at every turn, the unity of this country is important for all of the different ethnicities, religions, everybody. Whatever the group or ideology, unity is important for every one of us.
“If you fragment, the problems are going to multiply, poverty will multiply.”
It is always interesting hearing such beautiful sermons, particularly from our leader. And truly, Osinbajo is not wrong. Remaining as one big country has its enormous advantages. But what worries many people is that beyond these inspirational talks, our leaders are doing little or nothing to unite the citizens. The drafters of the 1999 Nigeria Constitution, knowing how heterogeneous the country is, provided for federal character which states that people from one particular region or tribe should not dominate any government establishment. Rather, people from every part of the country should be given equal opportunity to serve the nation. Is that what is obtainable in Nigeria today? Is every Nigerian treated equally or some are regarded as sacred cows while others are regarded as second class citizens?
So, our leaders should learn to walk the talk. If they want the agitation for the division of the country to stop, there should be an inclusive government where people of all tribes, regions and religions are treated equally. What accrues from the abundant resources in the country should also be used for the development of the nation.
Eric Giadom,
Bodo City.

Wike’s Award To A PhD Graduate
Please permit me to use this medium to thank our able Governor, Chief Nyesom Wike, for his show of benevolence towards a student of the Rivers State University (RSU) living with disability during the last weekend’s convocation ceremony of the institution.
For bagging a Doctor of Philosophy (PhD) degree, for not seeing his condition as a barrier to attain that height of academic excellence, the governor honoured James Daniel with N50 million and an automatic teaching appointment in the prestigious university.
Obviously, by this singular act, the governor has changed the fortune of the disabled doctor. I join other well-meaning people both within and outside the state to thank the Governor for the life changing gesture. My prayer is that God should reward him and keep him alive and strong to continue the good work he is doing for the state.
To other physically challenged persons in the state, Dr Daniel should be a source of inspiration to you all. If this young man should come this far despite all odds, why can’t others follow in his footsteps? This same goes for other able bodied men and women in the state who instead of struggling to develop themselves, take to kidnapping, cultism and other manner of crime. It’s time for them to have a rethink.
Amanda Tokini,
RSU, Port Harcourt.

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Opinion

Should The Internet Go Bust

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Quote:”. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination”
We now live in a world that so much relies on technology, especially on digital communication networks and data services. Virtually every aspect of our life depends on the efficient functioning of machines. In view of this reliance, imagine waking up to a world where the internet simply goes dark. For advanced countries where the functionality, monitoring and data storage of surveillance, security and nuclear installations, all rely on electronics and networks, the disruption could be catastrophic. On the other hand, for developing nations like Nigeria where government’s  response is usually slow, the implications would be socially and economically disastrous. It would imply the sudden evaporation of all the modern conveniences we have taken for granted. No online banking. No emails. No mobile transfers. No WhatsApp messages, Twitter feeds or digital government portals.
The collapse would expose a dangerous dependency, the centralization of personal data. In Nigeria’s multi-biometric systems, the Bank Verification Number (BVN), the National Identification Number (NIN), and SIM registration for mobile networks, are all cloud-based. With no internet, access to these databases would be lost. Banks could not verify customers; telecom operators could not authenticate SIMs; and government agencies would be unable to issue new IDs or validate old ones.In Nigeria, over 80% of financial transactions now occur digitally, thanks to the rapid adoption of fintech platforms such as Opay, PalmPay, Paga, and the Central Bank Nigeria’s eNaira initiative. Assets of companies worth trillions of naira are also stored digitally and transacted on the Nigerians Stock Exchange. Like other transactions, these have no certified paper backings other than electronic storages.
It means that the wealth and wellbeing of millions now lie at the mercy of machines. According to the Nigeria Inter-Bank Settlement System (NIBSS), in 2024 alone, the value of electronic payments in Nigeria reached ?600 trillion. Whereas it sounds apocalyptic, yet experts have long warned that a total internet collapse, whether from cyberwarfare, global technical failure, or coordinated attacks on undersea cables, could paralyze the world far beyond imagination. A total internet blackout would instantly freeze the banking system as banks lose interconnectivity, making transfers, withdrawals, and payments impossible. Fintech companies would go offline, cutting off millions from access to their digital wallets, while Point-of-Sale (PoS) operators, who depend on network connections for every transaction, would be stranded.The economy would revert overnight to cash dependence.
But cash, already scarce due to the CBN’s currency redesign and digital push, would not circulate fast enough to meet demands. Markets would collapse into panic, and trust in banks could erode within hours. Modern governance in Nigeria has increasingly depended on digital infrastructure, using e-government portals to handle licensing, pension records, procurements, revenue collection and budget management. An internet collapse would send governance back to the analogue age. Ministries would lose coordination, digital files would be inaccessible and online recordkeeping systems would fail.For ordinary Nigerians, the consequences would be deeply personal. Salaries paid through electronic transfers would go into limbo. Traders on Jumia, Konga, and social media marketplaces would lose their livelihoods overnight. Health and other insurance policies that currently dependent on cloud records and telemedicine would be truncated.
Even more troubling, a prolonged blackout could corrupt or erase data stored in unsecured local servers. Without connectivity to global backups, entire records, financial histories, health data, and school records, could be lost. For millions around the globe, digital amnesia would mean loss of identity, wealth and social status. Without communication, rumours would fill the void, potentially triggering civil unrests, misinformation, or even national security crises that may lead to uprisings in many countries.In a world where WhatsApp has replaced the post office and Zoom serves as boardrooms, digital communication collapse would feel like the death of modern society. Businesses would halt meetings, journalists would lose sources, students would be cut off from online learning, and diaspora remittances and family ties would suffer. Even voice calls that depend on internet routing would be impossible.
 The silence would be deafening, not just socially but economically, because communication fuels productivity. Without it, markets stall.The collapse of the internet would expose how deeply our daily survival has come to depend on invisible digital threads. If the web were to go dark tomorrow, it would not just dim our screens, it would extinguish commerce, governance, and connection itself. Already, fallouts from increasing cyber-attacks on undersea cables or satellite networks show the fragility of the situation.To preempt these eventualities, developing countries must therefore,  plan to build digital resilience. Critical data should have offline backups within national borders. Banks and fintechs must maintain local intranets or satellite-based alternatives to the public web. Radios, SMS-based, and offline mesh communication networks should be installed as alternative fallback channels.
Proactive protection of key infrastructure must become a national priority, and not reactive fire-fighting. As the internet becomes the nerve centre of modern civilization, developing economies like Nigeria, which strives for inclusion and growth, should avoid being ensnared into a blind spot by rapidly digitalizing into over-dependence. And the question is not whether the internet could collapse, but whether we can survive it when it does. A society that entrusts everything to the cloud must first learn how to breathe without it.
By; Joseph Nwankwor

 

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Opinion

Transgenderism: Reshaping Modern Society 

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Quote:”While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon.”
Often times, people tend to be about the concept of   cross-dressing and transgenderism While cross-dressing refers to the act of wearing clothing and accessories typically associated with the opposite sex, often for entertainment, self-expression, or personal satisfaction and cross-dressers may identify with their birth sex and may not necessarily experience distress or discomfort with their gender, transgenderism, on the other hand, refers to having gender identity differ from the sex a person is naturally assigned at birth. Transgender individuals may identify as male, female, non-binary, or another gender identity that aligns with their internal sense of self. Transgenderism is often accompanied by a desire to transition, which may involve hormone therapy, surgery, or other medical interventions. However, while some cross-dressers may also identify as transgender, not all cross-dressers are transgender, and not all transgender individuals cross-dress.
 We have heard of a few Nigerian individuals who have identified as transgender or non-binary, even though they may not have publicly denounced their original gender. The case  of Okuneye Idris Olanrewaju, popularly known as Bobrisky, is  one no longer hidden. A Nigerian social media personality and crossdresser, Bobrisky  has gained a large following online. While not openly identifying as transgender, Bobrisky has been known to challenge traditional gender norms. Another known personality in this regard, is Denrele Edun. The later is a  Nigerian television host, actor, and model who has been known for his androgynous appearance and style. Denrele has also  not publicly identified as transgender but has been open about his non-conformity to traditional gender norms. Onyx Uzo, a  Nigerian non-binary artist and writer,  has been open about their gender identity.
 The transgender movement has really gained unprecedented momentum in  recent years, sparking intense debates and discussions across various spheres of society. While some hail transgenderism as a triumph of individual freedom and self-expression, others harbour deep concerns about the implications of this phenomenon. As the world grapples with the complexities of transgenderism, it is essential to engage in a nuanced and multifaceted examination of the issues at stake. To begin with, it is crucial to acknowledge that transgenderism is a deeply personal and complex issue, affecting individuals and families in profound ways. While some people may identify as transgender due to a genuine sense of discomfort with their biological sex, others may be driven by factors such as mental health issues, trauma, or social pressure.
It is essential to approach each individual experience with empathy and understanding, recognizing that there is no one-size-fits-all explanation for transgenderism. However, as we strive to be compassionate and inclusive, we must also consider the broader implications of transgenderism on society. One of the most pressing concerns is the erosion of traditional sex distinctions and the redefinition of gender. Proponents of transgenderism argue that gender is a social construct, and that individuals should be free to identify as they choose. However, this perspective neglects the biological and anthropological realities of sex and gender. The consequences of blurring the lines between male and female are far-reaching and profound. Women’s rights and spaces are being compromised by the inclusion of biological males who identify as females.
Women’s sports, bathrooms, and shelters are being redefined to accommodate transgender individuals, often at the expense of women’s safety and dignity. Furthermore, the transgender movement has been linked to a range of mental health concerns, including depression, anxiety, and suicidal ideation. Rather than encouraging individuals to embrace a transgender identity, we should be providing them with compassionate and evidence-based care that addresses the underlying issues driving their desire to transition. In addition, the push to normalize transgenderism has significant implications for children and adolescents. The increasing trend of diagnosing children with gender dysphoria and administering hormone blockers and cross-sex hormones raises serious concerns about the long-term effects on their physical and emotional health.
It is also essential to examine the role of ideology and politics in shaping the transgender movement. The promotion of transgenderism as a social justice issue has led to the suppression of dissenting voices and the marginalization of those who hold differing views. This climate of intolerance and censorship is antithetical to the principles of free speech and open inquiry. Moreover, the transgender movement has been criticized for its lack of scientific rigor and its reliance on anecdotal evidence. Many experts argue that the current diagnostic criteria for gender dysphoria are flawed and that the treatment options available are often inadequate. The lack of longitudinal studies and the dearth of data on the long-term effects of hormone therapy and surgery are particularly concerning. The implications of transgenderism on the family and society are also significant.
 The redefinition of gender and marriage has led to a reevaluation of traditional family structures and relationships. While some argue that this shift is necessary and liberating, others worry about the potential consequences for children and society as a whole. Howbeit, the transgender conundrum is a complex and multifaceted issue that requires careful consideration and nuanced analysis. While we must approach each individual’s experience with empathy and understanding, we must also examine the broader implications of transgenderism on society. By engaging in a thoughtful and informed discussion, we can work towards creating a more compassionate and inclusive society that respects the dignity and humanity of all individuals.As we move forward, it is essential that we prioritize critical thinking, intellectual honesty, and open inquiry.
We must be willing to ask difficult questions, challenge prevailing narratives, and engage in respectful dialogue with those who hold differing views. Only through this process can we hope to arrive at a deeper understanding of the complex issues surrounding transgenderism.
By: Sylvia ThankGod-Amadi
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Opinion

A Renewing Optimism For Naira

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Quote:”……in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.”
Nigeria’s national currency, the Naira, is creating a new buzz as it sets on rising trends following years of astronomical slides in the recent past. Just within a few months ago, naira’s trajectory charted almost a straight course, strengthening from N1,636.71/$ on April 10, 2025, to N1,465.68/$ on October 2, 2025. But financial analysts appear divided over the future fate of the local legal tender.While analysts like the Forbes and Renaissance Capital Africa (RENCAP) deride naira’s current trends as being unsustainable, Bloomberg sees a sunnier side. However, evolving economic landscapes strongly suggest that the naira might be charting a sustainable path of resilience. For more than four decades, the naira had never experienced favourable Foreign Exchange (FX) tussles.
Suffering under skewed supply and demand tensions against foreign currencies, the value of the naira had procedurally depreciated. It got worse when, at the height of subsidized petroleum products import-dependence, subsidies got suddenly withdrawn in May 2023 as the present government took over office. Barring local production of the products, coupled with poor export earnings, demands for scarce foreign currencies surged at all FX windows as product importers competed to make overseas payments. The result was cataclysmic. The naira depreciated rapidly against the dollar, falling from N460.7/$ in May 2023 to N1,706/$ in 2024. Hardships propagated across the entire Nigerian economy in ripples of hyper-inflation as is still being felt. The initial response from the Central Bank of Nigeria (CBN) was knee-jerk and unsustainable, as the regulator kept throwing its store of foreign reserve into FX markets to quench the ensuing inferno.
 Though the naira showed buoyancy at the expense of depleting reserves, the CBN was criticized against the hopelessness and unsustainability of such artificial floats. Thankfully for the local currency, after months of fire-fighting, the CBN, aided by other lucky developments, may have stumbled unto some formulae to weather the storms. Emerging econometrics now suggest that the economy may be in recovery, and the naira appears to be charting a more optimistic course, even as the apex bank still prods it. The lower oil production data of around one million barrels per day as at May 2023, has improved to around 1.51 million barrels per day at the moment. Surely, the fight against oil thefts is rewarding the economy with surpluses unencumbered by Nigeria’s debt-mortgaged oil futures.bSecondly, a changed petroleum products sourcing landscape, berthed by new-found local refining capacity at Dangote Refinery, if not strengthening the naira, must be tipping the balance of FX pressures in its favour.
While asserting its ability to fully satisfy local demands, the Dangote Refinery also hit a remarkable milestone when it shipped its first cargo of gasoline to the United States of America last month, drawing-in huge FX. Earlier, the refiners had shipped to Asia and West Africa, in a significant shift that has transited Nigeria from being a net-importer of petroleum product, to a net-exporter. Also, improvements in the non-oil exports are increasing the inflow of foreign currencies to Nigeria. Nigerian cocoa and other agro-products especially, got higher demands as crop diseases resulted in poor crop yields in neighboring West African countries. It should be noteworthy that CBN’s experiments with Naira-Yuan trade swaps with China may not have been of much favour. Though on-going trade swap arrangements between Nigerian and China which enable some settlement in naira and yuan, may ease dollar pressures, the huge trade imbalance between Nigeria and China may replace any gains with new yuan pressures.
 According to the National Bureau of Statistics, in 2024 alone, Nigeria imported N14.14 trillion worth of goods from China, compared to China’s N3 trillion imports from Nigeria.
However, the CBN could be given credits for its bold reforms at the Foreign Exchange market that created a single Nigerian Foreign Exchange Market (NFEM) in October 2023, which replaced the former Investors’ and Exporters’ window, and later adopting the Electronic Foreign Exchange Matching System (EFEMS) in December 2024. These steps successfully narrowed the gap between official FX rates and the black market. Even as the measures may not directly detect the balance of currency demands and supplies, improved transparency and liquidity raised confidence that is boosting foreign remittances via official channels. Added to improved exports, it is evident that the extra liquidity gives spontaneous buoyancy to the naira, in ways CBN’s panicked throwing-in of dollar into FX markets could not have.
This is why, when the CBN Governor, Olayemi Cardoso, announced during the 302nd monetary policy committee meeting that, “The second quarter 2025 current account balance recorded a significant surplus of $5.28 billion compared with $2.85 billion in first quarter of 2025,” there is need for him to identify significant drivers. The CBN deserves commendation also, for incrementally growing Nigeria’s Foreign Reserve savings from $34.39 billion as at May, 2023 to $42.40 as at October 2, 2025. The strength of a nation’s reserves reflects its ability to meet international payment obligations without straining the stability of its legal tender, and also serves as part of risk assessment criteria that determines its borrowing costs. Increasing reserves is projecting greater external resilience for Nigeria, which reflects in Moody’s upgrading, this year, of Nigeria’s rating from ‘Caa1’ to ‘B3.’
With renewed investor confidence, foreign investments may be heading towards Nigeria as ripples from the Nigerian Stock Exchange (NGX) suggest. Following recent interest rate cuts in the US, foreign investors appear to be shifting appetites towards Nigerian portfolios. Improved reserve is also helping Nigeria at the Eurobond market, where the yield rates Nigeria pays on its loans, have fallen from above 8 percent in early 2024 to just over 5 percent by mid-2025. However, even as the N1,706/$ exchange rate of last year, compared to the current N1,465.68/$, may seem cheery, it is still a far cry from the N460.7/$ of May 2023, when this administration took over. Government and the CBN need to push further to shore-up greater reserves, and to build local and international assurances that attract job-creating investments for local production. Comparatively among its pairs, South Africa’s reserve is $70.42 billion, Algeria’s, $64.574 billion and Egypt’s, $49.04 billion.
Nigeria, which is being projected for a $1 trillion economy by 2050, should be focusing on $100 billion external reserves. Apart from reserves, Dangote local refining shows that local production is pivotal to the value of local currencies. Nigeria needs to improve security and infrastructure to reassure subsisting industries, and improve ease of doing business, in order to attract industries. Though Naira’s path of recovery this time is sustainable, the factors that aid it need to be sustained.
By: Joseph Nwankwor
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