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Nigeria: A Chance for Re-Awakening

By Austin Okere
By March 2020, it had become very clear that COVID-19 was a global pandemic. The news media was awash with a shock announcement by the Central Bank of Nigeria on her exchange rate policy; “In what can be regarded as an unexpected yet positive move, the Central Bank of Nigeria (CBN) on Friday moved the official exchange rate from N307/US$1 to N360/US$1.

At the Investors and Exporters Window (I & E), the CBN also adjusted the NGN peg upwards by 5.7%, as it raised its intervention rate to N380 from N366.” this caption was Dateline Mar 24, 2020 on Nairametrics.com.
I wrote this article three years ago on January 20, 2017, after a sharp drop in Oil prices – and surprised how relevant it is even today. What was our experience as a country, what did we learn from it and how is it that we have once again been caught desperately unawares?
Why can’t we fix our educational system and send our children to schools here? And fix our hospitals and treat our sick here, instead of our notoriety as big spenders on medical tourism?
Nigerians are gradually coming to terms that the cheese has indeed moved this time. The days of lucre and easy money, fuelled by petrodollars are far behind us; no thanks to shale oil and other sources of energy.
The aimless swagger has been replaced by a renewed sense of purpose and the need to produce in order to survive. No wonder Agriculture seems to be the only game in town these days. To borrow from the words of Pravin Gordhan, Finance Minister of South Africa, it is now Agri-Cool. All manner of yesterday’s nose thumpers now proudly call themselves farmers; it is beginning to have a nice ring and tone to it.
Unlike other oil boom and busts, it seems that this particular bust is here to stay. We seem to be in a stalemate. If we cut production to shore up prices, the shale producers will seize the opportunity to increase their own production and drive the prices right down. Not to talk of the conscious global effort towards cleaner renewable energy, and the significant improvement in its technology and adoption. COP 21 in Paris cemented the commitment to clean environment and green energy.
Time there was not too long ago in Nigeria, when first class and business class seats on commercial airlines were filled way before economy seats, and private jets littered all our airports.
But how did we get here and how did we subsequently fall from such deluded Olympian heights? The recurrent mistake we keep making as a nation is failing to anticipate and plan for our oil windfalls. There have been many boom opportunities since Nigeria joined the Organisation of Petroleum Exporting Countries (OPEC) in 1971; Oil prices increased by 400% in six short months after the Yom Kippur War following the Arab Oil Embargo. Crude prices doubled from $14 in 1978 to $35 per barrel in 1981 following the Iran/Iraq war.
The price of crude oil spiked in 1990 with the uncertainties associated the Iraqi invasion of Kuwait and the ensuing Gulf War – the so called ‘Gulf War windfall’ under then Head of State Ibrahim Babangida. The report of the panel of enquiry headed by the eminent Dr. Pius Okigbo in 1994 was critical of the government’s role in mismanaging the $12.4b windfall. Perhaps most of it had gone with the wind.
Data from the U.S. Energy Information Administration shows that the latest windfall happened between February 2011 and August 2014, under the Goodluck Jonathan presidency, when oil prices were much in excess of $100 per barrel. Another golden opportunity was squandered, characterised by organised kleptocracy of epic proportions as has now come to light.
There is a saying in my native Igbo culture that an abomination that endures for long enough becomes part of the culture. Corruption came close to achieving this status in Nigeria.
Our inflated egos were matched with the adventure into GDP rebasing in 2014 which put Nigeria as the largest economy in Africa, overtaking poster boy South Africa. Alas this new status, propped up by an artificial exchange rate sustained by huge foreign reserves did not last. As the reserves dwindled, partial reality in the foreign exchange rate has wiped away close to half of the estimated $510b GDP, and along with it our bragging rights.
I say ‘partial reality in the foreign exchange rate’, because I still feel that a differential of over 60% between the official rate and the parallel rate to the dollar seems to suggest that one of the rates is way off the mark. The acute shortage of the ‘Official Dollar’ seems to suggest that the parallel rate is closer to the mark.
The thing about the market is that you can distort it for a while, but you cannot hold it back for long. The market is like water; it will always find its level.
The earlier we let this happen the better for our economy. Within the period of a decade, I have witnessed the British pound at close to £1 to $1.9 and now as low as £1 to $1.22; and yet the British government is not scrambling to shore up the pound by all means (including expensive subsidy of the currency).
It should be understood that such distortions open huge arbitrage opportunities for those with access, which distract from productive pursuit. Rent seeking from allocation of dollars creates a new crop of overnight billionaires akin to those created during the era of petroleum subsidy. In the long run, it blows no good wind.
I have always argued that more important than the exchange rate, is the stability of the rate, which removes uncertainty, and attracts investment.
As it is, we are inadvertently inviting more pressure on the naira because even locals are saving their money in dollars, albeit at zero interest rates. And why not? They have figured out that even at the relatively high interest rates on treasury bills and fixed deposits, savings are halved in real terms due to the fast deteriorating exchange rate of the naira.
We have to understand that the exchange rate is an indicator of the perception of performance, and opportunity in the economy. To shore it up you have to do the hard work of better economic management.
Removing the alert on the dashboard of your car that tells you that the oil level is low puts out the irritating light, but does not guarantee that the engine will not knock further down the road.
There is now a fervent glamour for buying Nigerian and growing what we eat. About time too. According to the Minister of State for Agriculture, Heineken Lokpobiri, Nigeria spends about $22bn annually on food imports. How can a country with a huge population of over 170 million people (a viable consumer market by any standard), squander such a whopping amount on imported food, and in the process export much needed jobs in the agriculture value chain? This is despite the huge fertile landmass and favourable climate?
It is no different in the Education and Health sectors. It was estimated that Nigerians studying in British and American Universities spent over N137billion on tuition and living expenses in 2014.
There were also about 71,000 Nigerian students who paid tuition fees in excess of N160billion in Ghana during the same period (these may have easily doubled in the past year due to the deteriorating foreign exchange rate). And yet the Nigerian Government’s total budget for education in 2017 is N540b (a paltry $1.1b against South Africa’s $22b)
Why can’t we fix our educational system and send our children to schools here? And fix our hospitals and treat our sick here, instead of our notoriety as big spenders on medical tourism?
I understand that luxury shop owners in Dubai and London are asking loudly ‘where are the Nigerians?’ Well, the Nigerians are at home, confronting the new realities of basic survival. You only have to look into the eyes of the average Nigerian to glean the pain of adjustment. This difficult period is too painful to waste. We must seize the opportunity of this painful reality check, for a reawakening and realignment towards doing the right thing. As Maria Robinson said “Nobody can go back and start a new beginning, but anyone can start today to make a new ending”. Let us begin today to write the ending we want for our country.
Austin Okere is the Founder of CWG Plc, the largest ICT Company on the Nigerian Stock Exchange & Entrepreneur in Residence at CBS, New York. Austin also serves on the Advisory Board of the Global Business School Network, and on the World Economic Forum Global Agenda Council on Innovation and Intrapreneurship. Austin now runs the Ausso Leadership Academy focused on Business and Entrepreneurial Mentorship
News
Pay Your taxes for Me to Do More – Tinubu

President Bola Tinubu on Thursday urged Nigerians to pay their taxes, because the revenue is critical for his administration’s Renewed Hope Agenda to fund public infrastructure like roads, hospitals, and amenities across the country.

President Bola Tinubu
He spoke during the commissioning of interchange at Arterial Road N16 – Ring Road III Intersection linking Jahi District to Gwarimpa District of the FCT.
The project was among those earmarked to celebrate his third year anniversary and he was represented at the commissioning by Godswill Akpabio, Senate President.
He said: “I’m very proud to stand here to commission this Arterial road interchange N16 linking Jahi district to Gwarimpa District of the FCT.
“This is not just a bridge and slip roads, this is freedom of movement and time returned to the people, this is renewed hope that you can even drive on. This intersection used to choke the entirety of Abuja, gridlock stretched from Maitama to Gishiri, from Jahi to Gwarimpa; hours lost, fuel wasted, business were lost but today that story ends.
“This interchange opens up critical districts of the FCT and connects them smoothly to the rest of the FCT. Workers will get home earlier, security will improve because criminals strive when security stands still.
“Ladies and gentlemen, infrastructure is the foundation of prosperity which is the cardinal principle of this administration. Roads are the arteries of a nation, when we connect districts we connect destines and that is the logic of the renewed hope agenda, build the roads unlock the economy and let Nigerians strive.
“The Jahi-Gwarimpa interchange is prove that Nigeria is not beyond redemption. With focus, discipline, and political will, Nigeria will deliver and we are delivering, the FCT is delivering.”
The president also charged Nigerians and residents of the FCT to pay their taxes.
According to Tinubu, it would allow his administration to provide more infrastructural projects.
“Also pay your taxes and levies so that government can do even more for you,” he added.
News
MTN ASAP Enugu Stakeholders’ Conference Rallies More Action Against Youth Drug Abuse, Unveils N33Bn ASAP Impact

In a renewed push to confront the rising tide of drug abuse among Nigerian youth, stakeholders converged on Tuesday, June 9, 2026, at the ICC Dome, Enugu, for a State Stakeholders’ Engagement convened under the Anti-Substance Abuse Programme (ASAP).

The conference brought together government representatives, educators, development partners, and civil society actors to chart a unified path against substance abuse, with disclosures at the gathering revealing that an estimated ₦33 billion has so far been committed to developmental projects, programmes, and initiatives across the country, interventions that have impacted more than 33 million Nigerians directly and reached over 100 million through advocacy and awareness campaigns.
The Executive Governor of Enugu State, Barr. Peter Mbah, represented by the Secretary to the State Government, Prof. Chidiebere Onyia, commended the Foundation for its sustained investment in youth development and the fight against substance abuse.
He noted that the state’s transformation agenda is anchored in youth empowerment, education, healthcare, and human capital development – areas where the Foundation’s ₦33 billion commitment was already making a measurable difference.
“The MTN Foundation’s investment in youth development and the fight against substance abuse aligns directly with our administration’s transformational agenda. Initiatives like ASAP are exactly the kind of partnerships that move the needle on national development,” Prof. Onyia said.
He further urged other private sector players to emulate the Foundation’s example, stressing that the scale of Nigeria’s drug abuse demands sustained collaboration between government, the private sector, development partners, and civil society.
Addressing stakeholders, Odunayo Sanya, Executive Director of the MTN Foundation, said the Foundation, established in 2004 and fully funded by MTN Nigeria, was created to drive impact across health, capacity building, and economic empowerment, with deliberate focus on young people, who constitute the majority of Nigeria’s population.
She explained that the ASAP initiative, launched in 2019 in partnership with the National Drug Law Enforcement Agency (NDLEA) and the United Nations Office on Drugs and Crime (UNODC), was designed to reduce first-time drug use among young Nigerians through awareness campaigns and school-based interventions.
“We have reached over 50,000 students across the country and trained about 1,556 teachers as part of our efforts to create anti-drug ambassadors in schools and communities.”
“For us at the MTN Foundation, saving even one young person from substance abuse is a worthwhile achievement. The consequences go beyond the individual and affect families, communities, and the nation at large,” Odunayo said.
Looking ahead, she disclosed that the Foundation plans to reach more than 20,000 additional students in 2026 through expanded stakeholder engagements, school-based interventions, teacher training programmes, and community awareness campaigns.
She described substance abuse as a major threat to families, communities, and national development, stressing the urgent need for collective action to shield young people from addiction.
According to her, the Foundation’s mission is rooted not just in numbers, but in human outcomes – the lives, families, and futures it helps preserve.
The Executive Director, on her part, called on parents, educators, faith leaders, and community influencers to remain active partners in safeguarding the next generation from the dangers of substance abuse.
The intervention comes at a critical time. Fresh data presented at the conference indicate that over 360,000 youths in Enugu State – approximately 13.4% of the state’s young population – are actively involved in drug use.
Currently, the MTN Foundation (MTNF) and the United Nations Office on Drugs and Crime (UNODC) are conducting a comprehensive National Substance Use Survey to gather grassroots data on drug abuse, especially among secondary school students.
News
ICFJ, Wikimedia Honour Nigerian, African Journalists for Outstanding Reporting

International Center for Journalists (ICFJ), in partnership with the Wikimedia Foundation, has named three African journalists as recipients of the 2026 Open the Knowledge Journalism Awards, with two Nigerians emerging as first and second-place winners.

The awards recognise journalists whose well-researched reporting helps expand knowledge about Africa and serves as reliable source material for volunteer editors who develop content on Wikipedia.
Wikipedia, the online encyclopedia operated by the Wikimedia Foundation, relies on evidence-based reporting to improve and expand its content, making journalists key contributors to building a more comprehensive global knowledge base.
Earlier this year, African journalists living on the continent were invited to nominate articles they had written that contribute to expanding knowledge about Africa, particularly in the areas of women and youth, as well as arts, culture, heritage and sports.
The organisers said a total of 320 entries were received from journalists across 40 African countries.
The first prize was awarded to Nigerian freelance journalist, Rakiya Muhammad, for her article, West Africa’s Borderless Women: Inside the Yoruba Sisterhood Linking Nigeria and Côte d’Ivoire, published in RM Times.
The story documents the decades-long migration of women from Ejigbo in Osun State to Côte d’Ivoire in search of economic opportunities.
According to the report, the women have become a dominant force in markets in Abidjan while strengthening cultural and economic ties between Nigeria and Côte d’Ivoire.
The article also revealed that as much as 80 per cent of Ejigbo’s economy is supported by remittances and investments from its people living in Côte d’Ivoire.
Reacting to the recognition, Muhammad said the award had renewed her commitment to telling authentic stories that place African women at the centre of development, leadership and social change.
“Receiving this honour renews my passion for telling stories that place African women at the heart of the narrative as active agents of development, leadership and social change.
“The recognition rekindles my commitment to documenting positive stories about Africa with authenticity and depth, while shedding light on the gendered dimensions often overlooked in broader discussions,” she said.
Second place went to another Nigerian journalist, Abiodun Adewale of The Punch, for his story, Breaking Boundaries: How Nigeria’s U-19 Women Are Rewriting Cricket History.
The article chronicles the preparation and performance of Nigeria’s Junior Female Yellow Greens at the 2025 International Youth Cricket World Cup.
The organisers noted that the story highlighted the growing popularity of cricket in Nigeria, a sport that receives relatively limited media attention compared to other sporting disciplines.
A special recognition award was presented to Kenyan journalist Angeline Ochieng of Nation Media Group for her article, The Converts: How Reformed Midwives Are Ending Maternal Deaths, published in the Daily Nation.
The story focuses on former traditional birth attendants in rural Kenya who abandoned the practice to advocate hospital deliveries, contributing to a reduction in maternal deaths and childbirth complications.
President of ICFJ, Sharon Moshavi, said journalism and Wikipedia have a mutually beneficial relationship.
According to her, Wikipedia’s volunteer editors rely on independent journalism to build a more complete knowledge resource, while journalists benefit from the encyclopedia’s global and multilingual reach.
“These awards recognise that relationship and the African journalists who are making our digital information ecosystems stronger,” she said.
Chief Communications Officer of the Wikimedia Foundation, Anusha Alikhan, said although Wikipedia is the largest encyclopedia ever created, it remains incomplete.
She said stories written by Africans about issues affecting the continent were essential to ensuring that the encyclopedia reflected diverse experiences and perspectives.
“We celebrate the three journalists who have received the Open the Knowledge Journalism Awards and thank them for making this kind of reporting possible,” she said.
President of Wikimedia Nigeria and member of this year’s awards selection committee, Olaniyan Ishola Oulushola, commended the quality of the winning entries.
He said each of the selected articles presented opportunities to improve information about Africa on Wikipedia.
“From documenting the history of women cross-border traders in West Africa to the achievements of female cricketers, each of these articles brings us a step closer to closing the knowledge gaps we are working on every day,” he said.
The organisers noted that Wikipedia marked its 25th anniversary in January 2026.
They said the platform is currently among the world’s 10 most-visited websites and remains the only one in that category operated by a non-profit organisation.
According to them, Wikipedia currently hosts more than 65 million articles in over 300 languages, created by nearly 250,000 volunteer editors worldwide, attracting close to 15 billion page views every month.
However, they observed that many topics relating to Africa remain underrepresented, with only about 3.7 per cent of articles on the English version of Wikipedia focusing on the continent.
They explained that the knowledge gap reflects broader shortcomings in global media coverage, noting that new information can only be added to Wikipedia when supported by citations from published and reliable sources.
The 2026 award recipients were selected by a committee comprising African civil society leaders, academics, representatives of ICFJ and the Wikimedia Foundation, as well as members of the Wikipedia volunteer community.
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