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Nigeria at 59: Youths Speak on the State of the Nation



  • Nigeria at 59: Youths Speak on the State of the Nation

Africa’s largest economy and the world’s most populous black nation, Nigeria, marks 59th independence anniversary amid growing insecurity and 55.4 percent youths unemployment/underemployment rate.

Despite the nation’s resources, over 23 percent or 20.9 million active job seekers are unemployed, according to the National Bureau of Statistics (NBS).

Recent research by the World Bank revealed that the few individuals that are gainfully employed are merely working because they cannot afford to be idle.

Judith Agbunno, a 24 years old medical doctor, who spoke with our correspondents, said despite the high unemployment rate in Nigeria, the health sector is grossly understaffed.

Prof. Muheez Durosinmi, the Vice Chancelor of Eko University of Medicine and Health Sciences, revealed that the nation’s health sector operates on one medical doctor to 6,000 patients presently, an increase of 900 percent above the one doctor per 600 patients recommended by the World Health Organisation (WHO).

“The excessive pressure and stress reduces doctors’ productivity and impacts other areas of their lives, given the sensitivity of their job,” Dr. Agbunno stated.

Oluyomi Esan, a Psychiatrist, explained that mental disorder and suicide rate are high among medical practitioners because of their high-stress level and long working hours.

In 2018, Dr. Durosinmi noted that only 35,000 out of 73,000 registered medical doctors were practicing in the country as the rest had abandoned Nigeria for advanced nations with better infrastructure and working conditions.

At 59, Nigeria still spends $1 billion on medical tourism per annum, the highest among African nations. This is despite the Central Bank of Nigeria’s efforts at stimulating local production in order to ease pressure on foreign reserves and support job creation, yet 30,000 Nigerians are allowed to spend an estimated $1 billion yearly on medical tourism at the expense of both local health sector and the nation’s foreign reserves without tangible efforts at curbing it.

“Nigeria is one nation with lots of untapped potentials that could place the nation at the global forefront. However, the years so far have shaped the nation into a shadow of its true self”, stated Ms. Bethel Ikoro.

“Despite been blessed with brilliant human resources, Nigeria is being governed by unsatisfactory leadership – leaders who can neither lead effectively nor represent admirably.”

Obinna Okpala, a Civil Servant and an engineer, said corruption and lack of morals have eaten down to our marrows as people. He said it is a shame that at 59 Nigeria still does not have constant power supply despite spending over $16 billion since 1999.

“If we can achieve constant electricity supply, prices of goods and services would drop as the cost of diesel and generator maintenance would be eliminated from operational costs,” Mr. Okpala stated.

Femi Adeyeye, a social commentator, said Nigeria is a failed state at 59. He highlighted the surged in the number of Nigerians abandoning their homes due to insecurity, economic policy that has failed to work for everyday people and a helpless judicial system that only works when it favours the ruling class as signs of a failed state.

Ishioma, who was one of the people we interviewed last year, said there is no respect for the rule of law as the whole nation witnessed last week when a federal agency, Department of State Security, blatantly disregarded court order and presently dragging Justice Taiwo Taiwo before the National Judicial Council for granting Omoyele Sowore, the convener of RevolutionNow protest, bail.

She explained that nothing has changed a year after she made her comments on bribery on this platform. The business environment remains hostile with Special Anti-Robbery Squad harassing and killing youths on a daily basis.

“At 59 we still have so much to work on, Nigeria’s growth and development isn’t just a government issue,” said Temitayo Sikiru, a data analyst.

“Our family is messed up, the community is messed up, the society is messed up and we crowned it with a messed up government.

“Until we take up our individual responsibilities to this great nation, we will continue to function below our collective capacity”, she added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


COVID-19: CBN Has Disbursed N83B Loans to Healthcare Sector




The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday, said the central bank had disbursed over N83.9 billion to pharmaceutical and healthcare practitioners in the country since the outbreak of the COVID-19 pandemic in the country.

Also, Lagos State Governor, Mr. Babajide Sanwo-Olu, has stressed the need for a slash in the cost of governance in the country, saying a lot more resources could be dedicated towards healthcare and critical infrastructure.

They both said this yesterday, at the premiere of ‘Unmasked’, a documentary on Nigeria’s response to the pandemic held in Lagos.

Emefiele, who was represented by the CBN’s Director of Corporate Communications, Osita Nwasinobi, explained: “Building a robust healthcare infrastructure was also vital from a security perspective, as some nations had imposed restrictions on the exports of vital medical drugs as well as the use of drug patents that could aid in containing the spread of the pandemic.

“As a result, we focused our interventions in the healthcare sector on three areas. Building the capacity of our healthcare institutions supporting the domestic manufacturing of drugs by businesses, and providing grants to researchers in the medical field, in order to encourage them to develop breakthrough innovations that would address health challenges faced by Nigerians.

“In this regard, we disbursed over N83.9 billion in loans to pharmaceutical companies and healthcare practitioners, which is supporting 26 pharmaceutical and 56 medical projects across the country. We were also able to mobilise key stakeholders in the Nigerian economy through the CACOVID alliance, which led to the provision of over N25 billion in relief materials to affected households, and the set-up of 39 isolation centres across the country. These measures helped to expand and strengthen the capacity of our healthcare institutions to respond to the COVID-19 pandemic.”

According to the CBN Governor, the banking sector regulator also initiated the Healthcare Sector Research and Development Intervention Grant Scheme, which was to aid research on solutions that could address diseases such as COVID-19, and other communicable/non-communicable diseases.

He said so far, five major healthcare-related research projects were being financed under the initiative.

Speaking further on the call to increase access to health insurance, Emefiele said: “One key aspect which we would have to address is improving access to healthcare for all Nigerians. A key factor that has impeded access to healthcare for Nigerians is the prevailing cost of healthcare services.

“According to a study by World Health Organisation (WHO), only four percent of Nigerians have access to health insurance. Besides food, healthcare expenses are a significant component of average Nigeria’s personal expenditure.

“Out of pocket expenses on healthcare amount to close to 76 percent of total healthcare expenditure. At such levels of health spending, individuals particularly those in rural communities may be denied access to healthcare services.

“Expanding the insurance net to capture the pool of Nigerians not covered by existing health insurance schemes, could help to reduce the high out of pocket expenses on healthcare services by Nigerians. It will also help to increase the pool of funds that could be invested in building our healthcare infrastructure and in improving the existing welfare package of our healthcare workers.”

“The private sector has a significant role to play in this regard given the decline in government revenues as occasioned by the drop in commodity prices. Leveraging innovative solutions that can provide insurance services at relatively cheap prices could significantly help to improve access to healthcare for a large proportion of Nigerians particularly those in our rural communities.”

According to Emefiele, the CBN remains committed to working with all stakeholders in improving access to finance and credit that would support the development of viable healthcare infrastructure in our country.

On his part, Sanwo-Olu said: “What are the lessons that we have learned with the Covid-19? Looking at all the things that Covid-19 has cost us, how are we preparing ourselves?

“The truth be told the structure of our governance system needs to change particularly the cost of governance. We need to speak up and ask ourselves are we ready to change.”

“When it gets to the election it is the same set of people that will come up and people don’t come out to vote and we end up having 20 percent out of 100 percent that will elect those that will govern. So, the change has to be about all of us. That is how the real change that will help us will come,” he added.

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Emefiele Says CBN Will Resist All Attempts to Continue Maize Importation



Farm input

The Central Bank of Nigeria (CBN) has vowed to resist all attempts to continue the importation of maize into the country.

Godwin Emefiele, the governor, CBN, in a statement titled ‘Emefiele woos youths to embrace agriculture’, said: “the CBN would resist attempts by those who seek to continually import maize into the country.”

Emefiele, who spoke in Katsina during the unveiling of the first maize pyramid and inauguration of the 2021 maize wet season farming under the CBN-Maize Association of Nigeria Anchor Borrowers’ Programme, said maize farmers in the country had what it takes to meet the maize demand gap of over 4.5 million metric tonnes in the country.

With over 50,000 bags of maize available on this ground, and others aggregated across the country, maize farmers are sending a resounding message that we can grow enough maize to meet the country’s demand,” Emefiele said.

He explained that the maize unveiled at the ceremony would be sold to reputable feed processors.

He added that this would in turn impact positively on current poultry feed prices, as over 60 per cent of maize produced in the country were used for producing poultry feed.

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Nigeria’s Spending Structure Unsustainable, Budget Head Says




Nigeria’s current trend of spending more money on running the government than on building new infrastructure is unsustainable, the country’s top budget oversight official said.

Low revenue collection and high recurrent costs have resulted in actual capital expenditure below two trillion naira ($4.88 billion) a year for a decade, Ben Akabueze, director-general of the Budget Office, said Tuesday in a virtual presentation.

“Hence, the investments required to bridge the infrastructure gap are way beyond the means available to the government,” Akabueze said. Recurrent spending, allocated towards salaries and running costs, has accounted for more than 75% of the public budget every year since 2011, he said.

Africa’s largest economy requires at least $3 trillion of spending over the next 30 years to close its infrastructure gap, Moody’s Investors Service said in November. The country’s tax revenue as a proportion of gross domestic product is one of the lowest globally, according to the International Monetary Fund.

“Huge recurrent expenditure has constrained the provision of good roads, steady power supply, health care services, quality education and quality shelter,” Akabueze said.

Nigeria should amend its constitution to create six regions to replace the existing 36 states, which each have their own governments, Akabueze said. The country also needs to reduce the number of cabinet ministers to a maximum of 24 from more than 40 and cut federal ministries to fewer than 20 from the current 27, he said.

“No country can develop where a large part of its earnings is spent on administrative structures rather than on capital investment,” Akabueze said.


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