Column
When is Nigeria going to gain economic freedom?
The disclosure on Thursday last week that Nigeria is now importing Low Pour Fuel Oil is to say the least alarming. The way the country is going, very soon Nigeria will be importing water that is abundantly available in the country. Nigeria in the recent past used to export LPFO to generate foreign exchange. But today many industries in the country are said to be importing LPFO. LPFO is Low Pour Fuel Oil mainly that is mainly used in Industries as fuel for generation of power or for firing their heaters.
Allocation of the product was made to industries through Marketers when the refineries were fully operational. LPFO at the time was mainly exported but now the country has to import the product. In a country where power supply is erratic and insufficient in supply industries resort to use of gas and LPFO to generate power.
Unfortunately, a country that is blessed by God with abundant crude oil and gas can not find its feet to produce enough gas and LPFO to power industries. Yet Nigeria is aspiring to become a leading economy among the committee of nations. Dangote Cement PLC which raised the alarm over the continued short supply of Gas and LFPO in the country said very clearly that the situation has gone from bad to worse in the last six months. Lamenting the shortage of gas and Low Pour Fuel Oil supply in the country, Mr Devakumar V G Edwin Managing Director Dangote Cement said that if the situation is allowed to continue much longer, it will have adverse effect on industries and the recently privatised power sector. But Nigerian officials who play to the gallery would always want Nigerians to believe that everything is working and that there is hope that things will soon improve.
While Dangote cement officials raised alarm over the non availability of gas, the bakers committee through Jubril Aku wants Nigeria to believe that the banks will come to the nation’s rescue by helping power sector off set the N25 billion that was inherited by the power firms from the PHCN legacy firms that has become a challenge to increasing gas supply for power generation.
The Committee said “Today, there are enough incentives for the gas companies to produce gas and that is necessary because when you look at the 26 generating stations in Nigeria, they are all gas-dependent. So, we feel, that is one major incentive that would help the gas companies to begin to produce locally. “Another incentive has to do with the legacy debt. The legacy PHCN had accumulated of about N25 billion and the gas companies have always been agitating that the debt should be paid otherwise they would not produce to begin to accumulate new debts. The Bankers’ Committee is willing to support an initiative where an SPV would be set up, that would provide loans to clear that debt and over time, the loans would be recovered from the multi-year tariff order (MYTO) and direct deductions. This is a trap that would enslave electricity consumers by the banks in effort to recover their loans. Nigerian banks have do not have long term capital to invest in long term project. Setting up a special purpose vehicle by the banks will be a short term measure that will not resolve the outstanding issue.
The question is where are the result of similar interventions in the past? There was intervention in textile, aviation and SMES? What is the state of these sectors as of today?
Most industries in Nigeria rely on gas supply and LPFO to power their plants as public power supply has become a stand by thing, are now suffering as a result of inadequate gas and LPFO supply causing them to produce for below their installed capacity. If firms in the real sector are not producing enough to meet local needs Nigerians will continue to depend on import for a long time to come. From what is happening in the country now the most unfortunate of it all is the fact that Low Pour Fuel Oil (LPFO) which was supplied to industries from Kaduna and Warri refineries is now being imported by companies. Why is Nigeria going round in circles? Why can’t Nigeria get just one good head as a leader to break this jinx of a thing? Importation of fuel and other things that can be produce locally is appalling and disheartening. Where is theis government gas master plan? When are Nigerians going to begin to see result? Motions without movement of various administrations in this country are becoming sickening.
Nigeria recently privatized the power sector.
The generating companies made huge investment in the various power plants but unknown to many gas supply will become a hindrance to moving forward. Today many are struggling to pay through their noses. The privatization raised Nigerian hopes of regular power supply, but that is now far fetched as hope for gas supply looks very far off.
Many of the power generating companies GENCOs, are already facing difficult times as a good number which borrowed money from banks are finding it difficult to meet their obligations to the banks because they can not generate enough power due to lack of gas supply. Some of the loans taken by these power operators may go bad and the Asset Management Company of Nigeria may be called upon to buy off these non performing loans in banks. But AMCON has already foreclosed further purchase of non performing loans in Nigerian banks.
Failures of these loans to perform portend great danger to the banking industry and the economy as a whole. If the situation is not nib in the bud another round of banking crisis may rear its ugly head with its attendant consequences. Every Nigerian should be concerned at this development as it will hinder the prospects of job creation and further compound the unemployment situation in the country. The unemployment situation in the country is bad as it is for companies to begin to retrench workers and force more Nigerians into the labour market the nation must be prepared for more robbers and militancy by youths from across the country.
Let Nigeria refineries begin to work. The National Assembly should open up the oil sector to private investment by passing the PIB bill, and then Nigeria will be free from the shackles of the greed that has held the nation to ransom.
Column
Decemberissaveybe: Firstbank sponsors “the caveman concert” thrills audience
By Oladapo Sofowora
December is a particularly vibrant and deeply meaningful month in Nigeria, imbued with a palpable sense of excitement and celebration that permeates the air. As daily life slows down, this festive season offers a welcome opportunity for relaxation and togetherness. Families and friends gather to create cherished memories, participating in a rich tapestry of cultural activities that showcase Nigeria’s diverse heritage. The month is characterized by a colourful array of events, including theatrical plays, musical concerts, traditional festivals, operas, fashion shows, poetry readings, and various forms of performance arts, all reflecting the dynamic cultural expressions of Nigerian society.
As December unfolds, the excitement continues to build, with streets and homes becoming vibrant displays of holiday spirit. Elaborate decorations adorn every corner, featuring colourful Christmas ornaments, twinkling lights, and festive paraphernalia that evoke a sense of wonder and joy. Evening skies light up with breathtaking fireworks, illuminating the night and further enhancing the joyous mood of the season. Year-end Thanksgiving parties have become commonplace, offering spaces for loved ones to gather, share meals, and express gratitude for the blessings and experiences of the past year. This period also allows Nigerians to reconnect with family and friends, many of whom travel from various parts of the globe to partake in these significant celebrations.
As the year-end festivities for 2024 draw near, FirstBank has thoughtfully curated an exhilarating lineup of events under the DecemberIssaVybe program, aimed at enhancing the enjoyment of this festive season. A highlight of this initiative is the much-anticipated concert featuring The Cavemen, a celebrated musical duo. Which was held on Friday, December 27, 2024, at Muri Okunola Park, located along the bustling Lekki-Epe Expressway, the event brought Lagos to life with a captivating performance that seamlessly blends highlife, soul, and folk music. Attendees enjoyed an engaging experience filled with mesmerizing sounds for over an hour, keeping them on their feet and immersed in the rhythm.
The atmosphere at the concert was electrifying, drawing a diverse crowd of enthusiastic youth eager to experience The Cavemen’s unique interpretation of highlife music—a genre deeply rooted in Nigerian culture and characterized by its rich, rhythmic beats and soulful melodies. The concert also featured an impressive lineup of other notable artists, such as the popular act Ckay, who collectively contributed to a night filled with remarkable entertainment and unforgettable performances. The stage witnessed a pulsation of energy as The Cavemen’s talented band propelled the evening forward, delivering an infectious performance marked by masterfully executed guitar riffs, powerful drumming, and enchanting vocals. Audiences found themselves wholly absorbed in the moment, as the music unites them in joy and celebration, showcasing the revitalization and redefinition of the highlife genre that The Cavemen have pioneered.
In addition to the music, the concert artfully integrates comedic performances, highlighting the vibrant and diverse creative entertainment scene in Africa. Acclaimed comedians took to the stage, drawing laughter and delight from the crowd, while emerging music also had their moment in the spotlight, receiving enthusiastic applause and encouragement from an appreciative audience. Recognising the profound impact of December in nurturing relationships and spreading joy, FirstBank has actively engaged its First@arts initiative to launch the annual DecemberIssaVybe campaign. This initiative is meticulously crafted to inspire and empower individuals across Nigeria to create and experience exhilarating moments throughout this joyous season. By providing fully sponsored access to premium concerts, theatrical performances, shows, and festivals featuring some of the industry’s top entertainers, FirstBank aims to alleviate the financial burdens that often accompany festive celebrations.
In a time marked by economic uncertainty, FirstBank stands as a crucial support system for Nigerians wishing to celebrate without the weight of added financial stress. With a proud legacy spanning over 130 years, this esteemed financial institution has woven itself into the fabric of Nigerian life. FirstBank has long championed numerous festive concerts showcasing Africa’s music icons, including Kizz Daniel, Davido, Burna Boy, Asake, and Tiwa Savage, crafting unforgettable experiences for music aficionados across the nation.
The DecemberIssaVybe campaign encapsulates the essence of creating lasting memories during this festive season. It serves as a dynamic platform for both local and international audiences to immerse themselves in unique, culturally rich experiences tailored to the holiday spirit. Since its inception in 2018, the FirstBankIssaVybe campaign has quickly become a highly anticipated annual event, delighting participants with exhilarating moments designed to resonate and linger long after the celebrations are over. Olayinka Ijabiyi, the Acting Group Head of Marketing & Corporate Communications at FirstBank, emphasized the institution’s unwavering commitment to crafting a ‘Wow December to Remember’ experience for individuals of all ages. He stated, “FirstBank is devoted to facilitating memorable homecoming experiences this December through gatherings such as weddings, family reunions, and festive celebrations, ensuring that every moment spent together is cherished.” Through this commitment, FirstBank continues to play a pivotal role in the celebration of culture and community during this significant time of year.
Column
Deadly rice stampedes: Suppose President Tinubu bans rice?
By Ikeddy ISIGUZO
Once President Bola Ahmed Tinubu addresses Nigerians it is clear that his silence is actually golden, as it gives chances to guess what the President feels about ordinary Nigerians, the hungry, the poor, the weak, those excluded from Tinubu’s concerns because they are not rich. The President rushing in with a media chat, after 18 months in office, and days after the “poverty stampede” in Ibadan, where mainly children died, was thought to be an opportunity to explain to Nigerians, elicit their support as they go through a crushing economic crisis that the President gloats about as if the entire purpose of his policies is to inflict pains. The deaths in Ibadan that were over 35, were followed by similar incidents in a church in Abuja, and an individual’s event in Okija. The deaths resulted from free distribution of rice to the needy. Poverty once personal, private, is now public, and deadly.
Just blame rice.
Are opponents using free rice to distract the President from focusing on his economic policies? The President should ban rice for more clarity. No rice, no stampede, no deaths. One of my teachers said the solution to headache was decapitation – no head, no headache, or any ache for that matter.
We remember Tinubu promised Nigerians “agbado (corn) and cassava”. Not rice. More people have fallen into poverty without the President’s permission. Should they? Could this account for the President not knowing about them? What really does the President know about Nigerians?
Does he know that more people would have died if they knew of these events? Food is beyond the reach of ordinary Nigerians. Tinubu does not feel the impact of his harsh economic practices of lavish spending on presidential consumptions, unproductive as they are. Some call the spendings reckless.
Would you blame them? In the midst of a drifting economy, soaring inflation, no jobs, hunger, anger, capped with insecurity, the President bought jets, including one for the Vice President, and maintains a bloated cabinet.
He used the presidential chat as a platform to defend his Ministers. They are performing. He sounded as if he needed more people like the bunch that maintains a distance from the daily challenges people face.
For the President to see “switching off things” as the solution to poor electricity supply – and the frequency with which the national grid collapses – was one indication that governance has become a joke. When the Minister of Power, months ago, held the same position on electricity, the public tore him to shreds. The Minister apologise. Tinubu blamed the organisers for the stampede, “I see this as a very great error on the part of the organisers.” He said he had been giving out foodstuffs, including envelopes, smoothly at his Bourdillon residence in the past 25 years. “If you do not have enough to give, don’t publicise it,” he advised organisers.
The organisers too are poor, and have no Bourdillon pedigrees. These things count.
Do not expect Tinubu to blame the new wave of incremental poverty his hope agenda has renewed. He did not. He will not. If Tinubu halts the slide to absolute poverty for more Nigerians, there would be no deadly rice stampedes, and no organisers to blame. Other Nigerians have organised these events for years without incidents. Large crowds would turn up and go home home safely. Was it not rice they shared? What is the difference now? People are out searching for something to eat, anything. Even if “pure water” is being shared, there will be stampede. Our people are living by the minute.
They have lost hope. Nigerians have no assurance that someone cares about their efforts to survive. Millions of our compatriots are ready to do anything to survive. While at it, insecurity is not allowing them to breathe.
Sadly, more of our people are falling into crimes with the times.
Employment opportunities are shrinking. The few jobs available are for relations of those in power, the rich, the very rich, the same ones who accuse us of greed. Do they have a different meaning for greed?
Last October, the Senate President, His Excellency Obong Godswill Akpabio on the floor of the Senate advised poor Nigerians, “Times are difficult, wherever you see free food, please endeavour to avail yourself”. Could the people have followed Akpabio’s perspective of the solution to poverty and the hard times? Mocking the poor is Akpabio’s favourite idea of enlivening Senate sessions.
“The prayer is that, let the poor breathe, and Senator Mustapha has seconded that the poor should breathe. Those who are in support of the additional prayer that the poor should be allowed to breathe, say ‘ayes’ and those who are against say ‘nay,’” Akpabio had said in July 2023 during a debate on the 15 per cent hike of electricity tariff. “The ayes have it! The poor must be allowed to breathe,” Akpabio concluded.
At a Niger Delta Development Commission event in July 2024, Akpabio mocked those who called for demonstration over the economic hardship. “Those who want to protest can protest, but let us be there eating,” the former Akwa Ibom State Governor had said. In Tinubu’s 18 months, poverty has pole-vaulted to dizzy heights that left Nigerians dazed.
The only thing worse is the President’s spectacular performances when addressing his failure to rein in inflation as he drives the economy with the enthusiasm of kids playing with new toys. People are hungry. Some people around the President call poor, hungry Nigerians “greedy”. Someone looking for what to eat is greedy? Have we fallen so low to justify the President’s unwillingness to accept that the problem is well beyond him?
Is he using his uncaring attitude as a buffer? He is the bigger problem by refusing to engage the people. Rather, he talks down on them when he decides to talk, well aware that he has nothing to say.
Take the tax bills, for instance, they have their merits. Tinubu thinks it is beneath him to discuss issues the radical bills raise. He sneers, the bills will be passed. He takes responsibility for nothing. Tinubu sounds like Rik Rok and Shaggy in their famous 2000 hit song, “It Wasn’t Me”. The President provides answers without addressing our concerns. The answers are always dismissive. The major lesson of 2024 is that Nigerians have to continue looking after themselves. It may even annoy those who are just discovering that they cannot decide when we should stop breathing.
Happy New Year, that is peaceful – prosperity will follow peace.
Finally… INFLATION to crash from 34.6% to 15% in 12 months, is what the President has promised in 2025. Safe trip, Mr. President.
FEDEERAL Capital Territory Minister Ezewoke Nyesom Wike said of those who accuse him of land grabbing, “People say land grabbing, do you grab what you are in charge of? I am in charge of land in Abuja how will I go and grab what I am in charge of? Those, who are grabbing land are whom I am dealing with”. Wike, at the Port Harcourt event where he spoke, did not forget to call Governor Sim Fubara, “this boy”.
*ISIGUZO is a major commentator on minor issues
Column
Building a stronger Nigeria through health, transparency, human rights
By Ambassador Richard M. Mills, U.S. Ambassador to Nigeria
Every December, we mark three international observances that are at the heart of the U.S.-Nigeria partnership: World AIDS Day, International Anti-Corruption Day, and Human Rights Day. While distinct, these commemorations underscore a simple truth – Nigeria’s path forward requires progress on health, good governance, and human rights. The United States remains your steadfast partner on this journey. For two decades, the United States has stood with Nigeria in the fight against HIV/AIDS under the President’s Emergency Plan for AIDS Relief (PEPFAR). The U.S. government has invested more than $8.3 billion in Nigeria’s health sector and provided life-saving anti-retroviral treatment to more than 1.5 million people. These numbers represent improved life expectancy and quality of life for these Nigerians and their families. In clinics across Nigeria, I’ve met dedicated healthcare workers who deliver HIV prevention, treatment, and care, supported by the resources of the American people. This work has done more than save lives – using HIV as an entry point, Nigeria’s health system has also benefited.
As Nigeria’s health system is strengthened, this important work will be led by government and engagement with the private sector to sustain the gains. This commitment was reinforced during Ambassador Nkengasong’s recent visit, where his discussions with Nigerian health officials focused on how the Government of Nigeria would sustain the HIV health programs with strengthened Nigerian leadership and local ownership. But positive health outcomes depend critically on good governance. When medical supplies are diverted, when healthcare workers go unpaid, when facilities buy dangerous, counterfeit medications or lack resources due to mismanaged funds, it costs lives.
This is why the United States supports numerous initiatives, not only in the health sector, to enhance transparency and accountability in Nigeria. Our programs work directly with government agencies and civil society organizations to strengthen fiscal responsibility with the goal of the state ensuring resources reach their intended beneficiaries.
The success of these efforts rests on respect for human rights and civic engagement. When members of marginalized communities face discrimination in accessing healthcare, when citizens fear reporting blatant corruption like the need to pay for appointments or ‘free’ healthcare, or when vulnerable populations cannot advocate for their needs, development falters. Through our partnership with Nigeria, we promote the rights of every person to access essential services and enjoy fundamental freedoms without fear or discrimination. These three areas – health, transparency, and human rights – reinforce each other.
Consider the results: U.S.-supported initiatives have helped strengthen pharmaceutical supply chains, reducing theft and ensuring safe medicines reach patients. Our human rights programming has empowered civil society organizations to advocate for marginalized communities, leading to better access to health services. Our health system investments have created platforms for transparency that benefit all sectors. And, perhaps most importantly, according to a recent survey by the United Nations Office on Drugs and Crime, Nigerians are both more frequently refusing to pay bribes and reporting bribe seekers to investigative journalists and rule of law authorities. A shift in norms is beginning to take root and must continue.
The U.S. Embassy stands ready to support Nigerian voices pressing the fight against corruption in Nigeria. To Nigeria’s government officials, civil society leaders, healthcare workers, and citizens: your dedication to building a stronger nation inspires us. Together, we can continue to advance the interconnected goals of better health outcomes, good governance, and human rights for all Nigerians. Challenges remain, but the work we’ve done together shows what could be possible on a larger scale across these crucial domains. As we mark these December observances, let us use this moment not just for reflection, but for renewed commitment and action. The United States continues to stand with the Nigerian people as they carry out this essential work with their elected government.
*Ambassador Richard M. Mills is U.S. Ambassador to Nigeria
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