As I reflect on the current state of Nigeria, I am amazed by the paradoxical economy that seems to defy logic and reason. Nigeria, a country blessed with abundant natural resources and potential for self-sufficiency, has become increasingly unaffordable for the average citizen, further blurring the invisible line between the rich, middle-class, and the poor. This question remains a priority if we are to delve deeper into the underlying factors driving this economic imbalance that has placed Nigeria on a scale of uncertainty.

At the forefront of this alarming issue is the alarming inflation of cement prices, which have soared to unprecedented heights, surpassing 10,000 naira per bag. What perplexes me even more is the fact that all the raw materials for cement production, such as the gas for powering production plants, including limestone, are found in 14 states in Nigeria, including Sokoto, Gombe, Edo, Oyo, Plateau, Ogun, Cross-River, Akwa-Ibom, Bauchi, Enugu, Ebonyi, Benue, Ondo, and Kogi states; billions of metric tonnes of clay spread across Edo, Bauchi, Taraba, and others; and about 1 billion metric tonnes of gypsum found in Adamawa, Anambra, Bauchi, Bayelsa, Benue, Borno, Delta, Edo, Gombe, Imo, Kogi, Ondo, and Sokoto.

Similarly troubling is the surge in iron prices, another key material in cement production, despite the presence of abundant iron ore reserves within our borders. States like Kogi, Enugu, and Niger are endowed with rich deposits of iron ore, highlighting our nation’s potential for self-sufficiency in iron production. Yet, the inexplicable escalation in iron prices raises questions about market manipulation and profiteering at the expense of the Nigerian populace.

Essential minerals sourced locally in Nigeria are being sold at exorbitant prices, straining consumers’ budgets. In Nigeria, the cost of land to buy cement for construction is tripled, and trucks of sand are scarce. The price of locally produced cement is constantly rising, competing with the foreign rate at the top of the chart. This highlights the need for sustainable and affordable mineral sources in Nigeria.

The price surge is causing inflation in Nigeria’s agricultural sector, causing affordability issues for locally produced rice. Despite government efforts to promote domestic production and reduce import reliance, the affordability crisis remains. Promoting local products could limit imports and increase exports, putting Nigeria in the global market and boosting its economy.

The prices of locally grown rice in Nigeria have significantly increased, highlighting systemic inefficiencies and market distortions that threaten food security and increase economic hardship. The continuous dollar increments in states like Kebbi, Ebonyi, and Kano have sabotaged the accumulation of wealth, causing food security to be threatened and causing economic hardship.

The exploitation of foreign exchange rates by traders to price essential commodities like pepper, palm oil, onions, and garri from locally sourced cassava further diminishes the purchasing power of ordinary Nigerians, exacerbates economic disparities, and widens the gap between the privileged few and the marginalised majority. This raises the question of whether Nigerians should blame the government for their economic struggles.

The Nigerian economy’s downfall is causing pain and scorching for all Nigerians, regardless of their status. Traders’ greed for profit, disregarding its negative impact, pushes millions below poverty, blaming foreign exchange for the issue. This term is often misunderstood and does not directly impact locally sourced goods.

I am reminded of the urgent need for decisive action to address the root causes of Nigeria’s economic woes. It is imperative that we hold accountable those responsible for price manipulation and market distortion while implementing targeted interventions to alleviate the burden on the most vulnerable segments of society.

In the short term, I advocate for the regulation of executive orders allowing for the temporary importation of food, cement, and all essential items. This measure will provide much-needed relief to Nigerians grappling with inflated prices while enabling the government to address underlying supply chain inefficiencies and market distortions.

Simultaneously, I call upon our elected representatives to collaborate on enacting legislation that safeguards consumers against exploitation and ensures fair and transparent pricing uniformity. By establishing clear guidelines and penalties for price increment and market manipulation, the government can foster a business environment that prioritises the well-being and prosperity of all Nigerians.

In conclusion, the economic challenges facing Nigeria demand a coordinated and multifaceted response. As citizens, we must remain vigilant in holding our leaders and owners of the means of production accountable and advocating for policies that prioritise the needs of the people. Only through collective action and unwavering determination can we chart a path towards a more equitable and prosperous future for our beloved nation.

Maxwell Adeyemi Adeleye, a Communication-for-Development Expert, sent in this piece from London, United Kingdom. He can be reached via maxwelladeleye@gmail.com

Cc; Fergie001
mynd44

essentialone:


As at when she became a Mother, was she married or single? Yes or No? If she was not single, then she is not a Single Mother. She is a Widow who has kids or children. Let me ask you. Is your 80 years old grandmother now a Single Mother because your grandfather has died?

yes

essentialone:



People marry or date a Widow, and say they are marrying or dating a Single Mother, and I wonder what they teach these kids in schools these days.

yes she's a single mother because her partner the husband is no longer with her

Separation can happen through death or divorce

This is a complete madness and not love

essentialone:
Single Mother means "Single", as in a Never-married mother.

Write this down somewhere safe.

If she is not a "single"mother,then where's the father,is he still active are the dead husband's family the father.

gamaliel9:
In crypto, you are really trading patience. buy good coins and wait

Buy good coins, if it does not pump...wait, dont jump into those pumping. PUMPING IS TURN BY TURN

BY Solana based meme coins and wait....THIS IS NOT A FINANCIAL ADVICE

I bought myro and bonk, i will wait for more pumps..i will buy Turbo, Tochi and Mug and WAIT

which exchange are you using now

Nigeria pumps almost 1.5 million barrels of crude oil a day, making it the continent’s biggest producer. Yet this petrodollar nation faces repeated shortages of hard currency that choke its economy. President Bola Tinubu, who took office in May 2023, has moved to overhaul the country’s foreign-exchange market and attract foreign capital, but the process has been bumpy. The value of the local naira currency has plummeted, driving up inflation, and the central bank has reacted by sharply increasing borrowing costs — at the risk of further stifling business activity.

The country has suffered decades of political and economic mismanagement, its oil riches largely exploited for the benefit of a politically connected elite. Corruption is endemic, many state institutions are dysfunctional, while armed bandits and Islamist militants have free rein across swathes of the country’s north. About 40% of Nigeria’s 200 million people live in dire poverty, according to the World Bank, and the spike in living costs is adding to their ranks. Beside dollar shortages, businesses have to contend with perpetual policy uncertainty and power cuts. The government used 96% of the revenue it collected in 2022 to service its debt, leaving it with little to spend on anything else. Under its previous management, the central bank played a highly unorthodox role, providing loans to small businesses and introducing multiple exchange rates. The system was aimed at improving liquidity and encouraging dollar inflows, but it had the opposite effect and gave rise to a thriving parallel currency market.

Ilamina:

why do you have the thought of commiting suicide

Former Nollywood actress, Cynthia Amadi has said that most Nigerians who travel abroad for greener pastures do so with the notion that it’s a bed of roses, and have preferences for the type of jobs they would rather do.

Amadi said this in a session with media personality Daddy Freeze as a reaction to a recent video where someone described life abroad as tough and tasking.

She said if an average Nigerian was asked to do the type of jobs she did upon her arrival in the United States of America, they would turn it down.

According to her, although she now works with a Fortune 500 company, it was not a smooth ride as she also had to deal with racism and doing menial jobs.

She listed some of the jobs to include being an Uber driver and taking care of aged foreigners.

“Abroad is different for different people. If you ask me, abroad is the best thing that has happened to me. Abroad has given me back the years that I wasted in Nigeria. Looking back, I experienced some years of stagnation in Nigeria that I have reclaimed now.

“What he said (video) is true to him. He is projecting his experience to the generality of the diaspora.

“I clean oyinbo nyash (aged people’s buttocks). The thing is that so many people come here (abroad) with a lot of expectations. Bring a Nigerian who just arrived and try to show them how it is done and they will tell you ‘no’. Whatever you do when you get here does not define you. See it as a means to an end. See me today, Fortune 500 company. I’m sitting down and working in the comfort of my home. But when I came here I clean oyinbo nyash.

“The first job I did when I got here was the job of a nanny. At the end of the day, we all came here to hustle. One thing is that, as long as you were not a US citizen when you were born, you must hustle. If you come here you must hustle. Forget the stories they tell you,” she said.

The ex-banker further disclosed that she had to venture into ride-hailing services (Uber) when it dawned on her that she had to make ends meet after losing her first well-paying job.

“The reason most Nigerians struggle when they arrive initially is because they came with a mindset and are picky when it comes to getting jobs.

“From being a nanny, I became a CNA (Certified Nursing Assistant). From there I went into Uber. I had a well-paying job in a furniture company and felt I had arrived. I didn’t last long in that job because I was the youngest in the company and became uncomfortable with the way I was treated.

“I bought a 2019 RAV 4 while at the job that I could no longer maintain, and I had to figure out a way to get by. I’m saying this because a lot of Nigerians like to pretend.”

Vanguard

© 2024 Vanguard Media Limited, Nigeria
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Cryptocurrency trading platform Binance has removed the Nigerian currency, the naira, from its peer-to-peer (P2P) service as the Nigerian government seeks $10 billion in compensation amid a crackdown on the crypto exchange.

In a BBC interview on March 1, Bayo Onanuga, President Bola Tinubu's special adviser, revealed the update about the compensation demand as part of efforts to stabilize the local currency. Onanuga said Binance would destroy the Nigerian economy if not stopped because it arbitrarily fixes foreign exchange rates.

The P2P feature allows users, buyers and sellers to trade without involving a third party. It became popular in Nigeria in 2021 following the government’s ban on its thriving crypto industry during former President Muhammadu Buhari’s administration.


Screenshot of a Binance user complaint on the X platform. Source: silasadedoyin
Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services. These websites have become famous for trading and establishing an informal value for the naira.

Crypto users in Nigeria had earlier reported difficulty accessing different crypto exchange websites, including Binance, OctaFX and others. A few days later, Binance set a limit on the selling price of Tether (USDT) tokens on its P2P platform, leaving traders unable to sell USDT above 1,802 naira per USDT.

However, contrary to speculation by the local crypto community, the exchange explained that the price peg was due to an automatic system pause.

Binance is under increased scrutiny in Nigeria as the Central Bank of Nigeria (CBN) expressed concerns about “suspicious flows” of funds through Binance Nigeria in 2023. CBN head Olayemi Cardoso highlighted that $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.

There are also reports that the National Security Adviser’s office has detained two senior Binance officials in Abuja as the nation looks to crack down on cryptocurrency exchanges to tame the speculation about the naira.

Local crypto analysts have expressed disappointment in the government’s unfriendly attitude toward crypto in resolving the nation’s foreign exchange challenge. A Nigerian crypto enthusiast said on X that the nation’s financial problems will persist if it continues antagonizing cryptocurrencies and failing to focus on manufacturing and exporting.

blazer2018:
Hi guys, please I really need your help.

I have a twelve years old son who is very lanky, he looks d*mn too malnourished for comfort. He was very robust from birth till around the age of 8, when all of a sudden he started depreciating, initially, we thought it was a normal thing, as he was growing taller too, but now, I can't even bring myself to post his pictures on my status. He looks just like 7up's Fido Dido.

Now, this is a boy who eats whatever he wants, he's well fed, and lacks nothing. But with his looks, you will doubt that he's even fed at all. Although he looks far from being healthy, but he rarely falls sick. He's so skiny that whoever sees him, asks us what's wrong with him. Another thing, he always leaves his mouth opened, something that has now affected his teeth. We tried every tricks in the book to stop this, but to no avail, he can hardly keep his lips shut for more than 30 seconds.

Now, he's is a very hyperactive boy and finds it difficult concentrating atimes, but he's well above average in school.

Kindly help with solutions to this problem, it brings tears to my eyes as we have done everything we can think of to reverse this. Recently, a doctor suggested we place him on egg regimen, he now eats 3 eggs daily, but there seems to be no changes whatsoever.
Recommended medications, specialist or hospital we can take him to, preferably in the South West would be highly appreciated.

He's my only child, please help a desperate father!!!🥺

Take him to the hospital, Doctor will give you the best advice

Feldie:
Hehe what is balablu doing? People who made binance the arbiter of exchange rate will suffer heart attack.

That is where the major problem is,The Aboki in the streets are all relying on binnance

Toluwanise247:

Yes … we agree.what do you expect from a nation like Nigeria. We should even be grateful that is not worse than this

It hasn't stop,it's getting worse,

Toluwanise247:

Man the guy is right…. Uk too is going through economic problem.

You don't compare theirs to Nigeria,their currency is stable,prices of goods and services are stable.

omowolewa:
BBC and sensational news

They are correct

Truvelisback:
Retire and hand over to Pastor Adeboye's son? I don't understand. For what reason?

It's their empire

officialwdhtv:
Can you translate this photo into words?

CAN YOU FLY OR RUN WHEN THE TIME COMES

If you have the means you can do the number one, but the rest is a no no

Nigeria's currency has taken a severe beating in the last 22 years (1999 - 2021 ) losing about 324% of its value to the dollar.Over this period Nigerians have elected four presidents, each of whom has appointed four different central bank governors.

Under President Olusegun Obasanjo, the Naira traded at 97 naira to the dollar and ended with 126.1 Naira to the dollar that is a depreciation of 29.9%

At the time Yar'adua assumed office,the Naira was still valued at 126.1 Naira to the dollar,at the end of Yar'adua administration it was 147.61 Naira to the dollar, losing 17.05%

During Goodluck Jonathan's five years tenure saw the Naira dropping from 146.61 to 196.5 to the dollar by the time he left office,this represent 33.1% depreciation

Mohammadu Buhari took office in may 2015 at the time he assumed office, the Naira was trading at 196.5 Naira to a dollar,by the end of his tenure the Naira has taken the biggest blow,falling by 109.4% to 411.65

Babangida 90 Kobo to $1

Abacha #22 to $1

Obasanjo #97----#126.1 to $1

Yar'adua #126.1----#147.67 to $1

Goodluck #147.61---#196.5 to $1

Buhari #196.5----#411.5 to $1

President Bola Tinubu met the Naira at 465.07 to the dollar

No nigeria government has been able to give the country's currency value against the dollar because of the import dependant nature of the nigerian economy.

BarrElChapo:
Akpabio is a demon.

It's the nigerian lopsided system that tamed him.

These are spent forces that should have retired but because of of the corrupt system they find themselves, they are still relevant in the scheme of things.

itzadorable333:
speak for yourself, last time I checked there was a recently-concluded election with a majority mandate, a president-elect and a current administration; all as a result of the choice of the people. Now tell me, if Democracy has never worked for Nigeria 'according to you' what is Democracy still doing in Nigeria? Or what political system is Nigeria still practicing? Or is Nigeria now the name of another country?
And, is it the leaders or the system of government? Which is your problem?

Democracy only favours the political class,so they will never let it slide

gsmphoneseller:


99℅ of all the top positions are occupied by Yoruba.

Is that how to further the ministry of God with only your tribesmen.

No other tribes are found worthy,

Yoruba with tribalism and betrayal are like 5 and 6

RCCG is a tribal church where all the top heirachy of the church are from one region of the country

Let the fight their battle of betrayal, which they are known for

Someone have to be extra careful when you are online, don't even send 10kobo or do any financial transactions or giveaway

Give whatever giveaway to your neighbors who is in need

There are many people with evil intentions online

itzadorable333:
Nigeria's current Economic situation is the result of the choice of the people. So it is hard to understand why the same people are complaining, or can someone eat their cake and have it? Can someone make a choice and complain about the result of the choice they themselves made?
What the Nigeria people chose is what they have got. Nigeria's Economic predicament is a Creation of the choice of the people. So stop complaining and enjoy your mandate with gusto and all good pleasure. After all, no one forced you to choose neither did anyone make the choice for you. It is the food you prepared for yourself, with your own hand so what is the problem with you?
Well, there is no law written that says WHAT IS DONE CANNOT BE UNDONE.
It's just that I believe the people of Nigeria are not yet ready to do what is Necessary.
So when you people are ready, YOU KNOW WHAT TO DO. FOR AS NO ONE TOLD YOU TO DO THE ONE YOU DID, AS NO ONE TOLD YOU TO MAKE THE CHOICE YOU MADE SO NO ONE CAN TELL YOU TO UNMAKE OR UNDO WHAT YOU DID, NO ONE CAN TELL YOU WHAT TO DO.
NIGERIA WHEN YOU ARE READY, YOU KNOW WHAT TO DO.
TILL THEN, ENJOY YOUR DELICACY.
My people usually say, WHAT YOU ASK FOR IS WHAT YOU GET.
Your solution is in your problem, the both are in your hands.
You hold the knife, as well as the yam. Your Choice, as usual.
Nigeria people 'we' hail thee...

Nigerians had never gotten the leaders the wanted and voted for from Obasanjo to date including the 36 states governors


Democracy had never worked in Nigeria

They can get the sand or ashes where the crash took place,take it down to his home town

These ministers should empower their congregation expecially going into agriculture and sundry

essentialone:
The high increase of Gay and Lesbianism in Nigeria: What are the Causes and Effects?

How did you know there are increase,are you one of them

Chicagograduate:
Floating .Aboki wey dey change dollars know wetin be binance?

but binnance was the yardsticks the aboki were using for exchange