Titled ‘Muhammadu Buhari: The Nigerian Legacy,’ the book series is now available for pre-order in hard copies as preparations hit high gear for its unveiling.

Written by a team of 94 experts from various backgrounds, the compendium has 125 chapters that carefully and systematically comb through the various fields of public experience in the country to succinctly capture the policies, programmes, projects, challenges, achievements and shortcomings of the erstwhile administration.

According to the project coordinator of the book and CEO, May Publishing Limited, Dr. Udu Yakubu, pre-ordering copies ahead of the launch comes with benefits.

“This book series provides unbiased and useful insights into the inner workings of the government and the factors that shaped government policies and programmes from 2015 to 2023 under the President Muhammadu Buhari.

“We have allowed the public to order for the hard copies or electronic versions ahead of the launch and this gives them access to benefits such as discounts and autographed copies and free invite to the launch, which will be attended by political, academic and business dignitaries, including the former president himself.”

The five volumes tell the story of the Buhari administration in critically varied ways, and invite the reader to engage the ensuing narratives with an open and fair mind.

The narratives are historically foregrounded, enabling the reader to see the administration in the broader timeframes of what had been, and the changes that had come into being.

“Muhammadu Buhari: The Nigerian Legacy” can now be pre-ordered on the project’s website – www.thebuharilegacy.com.

It will also be available on Amazon and Okadabooks. All preorder buyers will receive a 30% discount on each box of books. Also, the first 100 preorders for hard copies will receive autographed copies.

Titled Muhammadu Buhari: The Nigerian Legacy (2015-2023), the compendium has 125 chapters that carefully and systematically comb through the various fields of public experience in the country to succinctly capture the policies, programmes, projects, challenges, achievements and shortcomings of the erstwhile administration.

The volumes encapsulate a very broad range of the Buhari legacy in Nigerian history. They constitute the administration’s scorecard as documented by independent experts and scholars outside government.

The work is the result of many months of independent research and critical engagements with the activities and achievements of the Buhari administration.

It is an initiative of May Publishing Limited, and according to the Project Director and Editor, Dr Udu Yakubu, it is “neither a commissioned, nor a government-solicited, nor a government-censored work.”

The volumes are pitched against and far above mere political talks coloured by populism, individual, party or sectarian interests, street sentiments and social media activism and propaganda.

They deal with cold, hard empirical facts and figures in engaging the various policies, programmes and actions of the administration, and the impact that they had in Nigeria’s development over the last eight years.

“Contributors were expected to be clinical in their approach and to strive to achieve fairness, contextual awareness, and critical balance in their analyses,’ Dr Yakubu stated. “The publication is so much about the making and workings of governance in the nation in the last eight years as it is about the comprehensive history of Nigeria’s socio-political and economic development within the period.”

The historical compendium is a mine of information that presents with critical depth the true story of the administration’s performance in public service.

“Through this book, we have engaged and articulated the administration’s history and relevance, and aligned these around its services, strategies, achievements, shortcomings, challenges, and on-going programmes and projects, mostly in contexts of ensuring political and economic system stability and advancement,” Yakubu added.

Each volume of the compendium focuses on specific aspects of the administration’s activities and achievements in the last eight years. Volume One is on the president’s journey to power. Volume Two explores the management and development of the economy.

Volume Three engages various aspects of national security and human development. Volume Four examines the development of industry, trade and the various elements of public infrastructure. Volume Five discusses anti-corruption, the business of government, politics and governance, constitutional political restructuring, public institutions in governance, and Nigeria’s advancement in the international arena.

The five volumes “tell the story of the Buhari administration in critically varied ways, and invite the reader to engage the ensuing narratives with an open and fair mind. The narratives are historically foregrounded, enabling the reader to see the administration in the broader timeframes of what had been, and the changes that had come into being.”

“Without any shred of immodesty, this work presents the definitive history of the eight years of President Muhammadu Buhari’s administration. We make bold to state that there is nothing else like this compendium in the present. The publication is unprecedented in the history of any administration in Nigeria, especially in terms of its scope, editorial independence, depth of critical engagement, elaborate authorial authority, and scholarship,” Dr Yakubu had stated. It is a fact that can only be altered by some future works.

‘Muhammadu Buhari: The Nigerian Legacy (2015-2023)’ will be released in the fourth quarter of 2023. Its website is already open and can be accessed at here for more insight into the compendium.

The decision, aimed at honoring notable Nigerians and their contributions to the country, was made public through a memo issued by the Federal Ministry of Aviation on June 1, 2023.

The memo, signed by Joke Olatunji on behalf of the Director of Airport Operations, was made available to Channels Television on Monday, June 26, 2023.

This renaming initiative is part of the government’s ongoing reforms in the aviation sector, wto paypromoteo influential individuals and promoting their lasting legacies. Various figures from different fields have been chosen to have airports named after them, immortalizing their significant contributions to Nigeria’s development.

Among the airports that have been renamed, the Maiduguri Airport in Borno State now bears the name of the immediate past President Muhammadu Buhari.

The Port Harcourt Airport in Rivers State has been dedicated to the late nationalist Obafemi Awolowo, while the Nasarawa Airport is now named in honor of Usman Dan Fodio, the esteemed founder of the Sokoto Caliphate.

This renaming initiative extends beyond these airports, encompassing other airports across the country as well. For instance, the Benin Airport in Edo State has been renamed in tribute to the late Oba Akenzua II, recognizing his remarkable contributions to the region.

The Ebonyi Airport, situated in Ebonyi State, pays tribute to the late Senate President Chuba Okadigbo. The Ibadan Airport, in Oyo State, has been renamed after the late Premier of the old Western Region, Ladoke Akintola.

Here is the full list of renamed airports:

1. Akure Airport – Olumuyiwa Bernard Aliu
2. Benin Airport – Oba Akenzua II
3. Dutse Airport – Muhammad Nuhu Sanusi
4. Ebonyi Airport – Chuba Wilberforce Okadigbo
5. Gombe Airport – Brigadier Zakari Maimalari
6. Ibadan Airport – Samuel Ladoke Akintola
7. Ilorin Airport – Gen. Tunde Idiagbon
8. Kaduna Airport – Hassan Usman Katsina
9. Maiduguri Airport – Gen. Muhammadu Buhari
10. Makurdi Airport – Joseph Sarwuan Tarka
11. Minna Airport – Mallam Abubakar Imam
12. Nassarawa Airport – Sheikh Usman Dan Fodio
13. Osubi Airport – Alfred Diete Spiff
14. Port Harcourt Airport – Obafemi Jeremiah Awolowo
15. Yola Airport – Lamido Aliyu Mustapha

Analysts say Buhari’s government has been riddled with corruption and incompetence, triggering an emergency in Nigeria’s economy – seemingly, a time bomb waiting to explode disastrously if nothing significant is done to address the fiscal crisis.

Nigeria’s figures in terms of revenue generation and exports have been on the decline while borrowing, public debt, and domestic debt have all ballooned in the last 8 years. 

There have been questions about how the present government spent some of the funds it either borrowed or generated. The huge disparity between Nigeria’s revenue and infrastructural development is noticeable. 

Yet, government officials in Buhari’s political circle have continued to make excuses, maintaining that Nigeria has no cause to worry about the accruing debts, arguing that borrowing remains a tool adopted globally to build economies. 

Nigeria’s Debt 

Nigeria’s debt is worrisome and has attracted lots of global attention, especially from the World Bank and the International Monetary Fund. They have issued a series of statements condemning the impending economic woes that awaits Nigeria if she continues to borrow. 

According to the Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, 80.6 percent of Nigeria’s revenue was spent on debt servicing in 2022.  This is in contrast to the World Bank’s statement, which noted that Nigeria spent 96.3 percent of its revenue on debt servicing in 2022.

The Debt Management Office (DMO), in its fourth quarter report of 2022, said Nigeria’s total debt hovers around N46.25 trillion.

Specifically, the total domestic debt stock was N27.55 trillion, while the external debt stock was N18.70 trillion (USD 41.69 billion) as of December 2022.

External debt as of May 2015 stood at $7.3 billion when Buhari took over.

Foreign Reserves 

Nigeria’s sources of foreign exchange remain weak due to sub-optimal oil production induced by oil theft, as well as global monetary tightening and exchange rate rates at the parallel market.

President Buhari inherited a foreign reserve of $28.6 billion, according to official data still present on the website of the Central Bank of Nigeria. The story is the opposite today with recurring declines.

“The official foreign exchange receipt from crude oil sales into our official reserves has dried up steadily from above $3.0 billion monthly in 2014 to an absolute zero dollars today,” the CBN Governor said at the 57th annual bankers’ lecture organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos.

There are also arguments that Nigeria’s fluctuating forex reserves position and currency crisis were directly due to the CBN’s currency management stance.

Nigeria’s foreign exchange reserves over the past four months (January–April 2023) have dropped by $1.82 billion. 

Gross Domestic Product

Jonathan’s administration handed over a $550 billion economy to President Buhari. Today, Nigeria’s GDP is $441 billion and is expected to reach $454.05 billion by the end of 2023, according to Trading Economics global macro models and analysts’ expectations. 

Inflation and Exchange Rate

The past administration left behind an economy with a stable currency, where the Naira exchanged from ₦199 to $1, and Nigeria had a 9 percent inflation rate. However, after almost 8 years of the current administration, the headline inflation rate is 22.04 percent, while the exchange rate today is over N450 to $1. 

Further, inflation is projected to slow gradually in 2023 as pressures ease from the factors that have caused demand to grow more rapidly than supply in recent years.

CBN Ways and Means 

The Federal Government’s debt to the CBN has grown significantly in recent years as a result of the Buhari administration’s borrowing binge, which was partially motivated by the need to pay for an overextended public sector.

According to data from the apex bank, CBN loans to the federal government increased to N22.07 trillion in August from N20.61 trillion in July of last year.

The bank’s loan was N856 billion as of December 2015, N2.2 trillion as of December 2016, and N3.3 trillion as of December 2017.

The amount increased to N5.4 trillion by December 2018 and N8.7 trillion by December 2019. By December 2020 and December 2021, the total would be N13.1 trillion and N17.4 trillion, respectively. Today, it is N23.8 trillion.

Unemployment and Poverty

Under President Jonathan, the unemployment rate stood at 7.5 percent. Today, the National Bureau of Statistics, said the figures are 37.7 percent and projected to hit 40.6%, according to KPMG.

At the time, the unemployment rate stood at 7.5 percent. Today, the National Bureau of Statistics, said the figures are 37.7 and projected to hit 40.6%, according to KPMG.

Today, 63 percent of people living in Nigeria (133 million people) are multidimensionally poor. This is largely contrary to what Buhari inherited. Nigeria’s poverty rate was 32 percent as of May 2015.

According to the World Bank, poverty reduction has stagnated since 2015, and it is projected that the number of poor Nigerians will hit 95.1 million in 2022.

Covid-19 

The Nigerian government has always been on the defensive, using COVID-19 as a tool. While the pandemic cannot cover up the high level of incompetence and corruption, it’s critical to know that globally, economies were shut down, triggering a few countries like Nigeria to slip into recession. 

Numerous businesses were impacted by the epidemic, which resulted in their closure and staff layoffs. The nation’s unemployment rate reached an all-time high at 33.3 percent, according to figures from the National Bureau of Statistics (NBS), but KPMG is predicting that the crisis will rise further to 40.6 percent in 2023!

From every indication, a fiscal crisis awaits Nigeria as President Buhari is set to leave us.  Will the incoming administration be able to provide the shock absorber and put the economy on a growth trajectory…only time will tell. 

The decision was made on Friday following a meeting at the State House between President Muhammadu Buhari and Nasir Isa Kwarra, Chairman of the National Population Commission (NPC).

Remember that the earlier postponement of the gubernatorial elections resulted in the Census being moved from its original March 27 date to May 3.

On Thursday, during a meeting with the diplomatic corps at the Federal Ministry of Foreign Affairs in Abuja, the chairman of the commission stated that the commission was yet to get all the devices needed to carry out the census, noting that some devices will be procured in a few days.

“For the country, we require up to 800,000 PADs, so far, we have procured about 500,000. The remaining are coming in a few days,” he said.

On the donations for the census by the private sector and other key stakeholders, he said “But you know the way they operate; it is not as if the money will come like that. They have to talk with their government and look at their budget. So, that process is ongoing. But we cannot say any money has come in. It is a process, and the process is unfolding.”

After the NEC meeting at the Presidential Villa in Abuja, Thursday, which was presided over by Vice President Yemi Osinbajo, Minister of Finance, Budget, and National Planning, Mrs. Zainab Ahmed, made this announcement while briefing State House reporters.

Because the Petroleum Industry Act, or PIA, and the 2023 budget had previously allowed for the withdrawal of the subsidy, she said that it would probably go into effect in June. As a result, any delay might necessitate amending the PIA and the budget provision, Vanguard reported.

The Minister, however, said that there was no deadline given for the subsidy removal and that the incoming administration will decide on when possible to do that.

A few weeks ago, the Federal Government said it had secured the sum of $800 million from the World Bank, as part of its post-subsidy palliative plans.

Should Nigeria forge ahead to remove the subsidy, fuel prices in Nigeria would be sold between N360 and N400 per litre after the removal of the petroleum subsidy by the government.

On the front burner, Nigerians expect sustainable welfare programs; ousting terrorism and banditry, and putting in place policies that will revamp the economy.

The Tinubu-Shettima administration must deliberately follow steps to regain the confidence of investors within and outside the country.

According to a recent World Bank report, Foreign Direct Investment in Nigeria plunged by 58.98 percent in 11 years.

Data from the Washington-based lender’s annual report tagged, ‘International Debt Report’, the country’s FDI depreciated from $5.966bn in 2010 to $2.447bn in 2021.

It was widely reported recently that Nigeria pays as much as N400bn monthly on Petrol subsidy. Well, the International Monetary Fund (IMF) has also advised that this should be removed mid-year 2023.

President Muhammadu Buhari’s (outgoing) administration has gone ahead to secure $800 million to set up a comprehensive palliative scheme for its citizens given the removal of fuel subsidies in June 2023. The palliative, the government said, is meant for 50 million people out of more than 200 million people.

Truly, the incoming government is likely to pursue a wide range of policies, which will have a far-reaching effect on individuals, households, and businesses but would become significant for the country’s future.

From economic policies to social reforms, the incoming government is expected to bring about much-needed changes.

Here, we will take a look at the nine policies that Tinubu-Shettima administration is mostly likely to prioritize:

9. Financial System Reforms

There are ongoing reforms in the Nigerian financial sector. But critics are asking whether these reforms will lead to economic growth or stagnant economic activities.

With the increasing prevalence of cryptocurrency and its potential impact on the Nigerian economy, it is essential to consider the implications of crypto-asset regulation and how it can be used to create economic opportunity.

Cryptocurrency has become an increasingly popular means of transferring and storing value globally and is now at the forefront of financial technology innovation. It is therefore essential that the incoming government takes a well-considered stance on how to regulate the sector to ensure it can be used safely and securely.

As the country continues on its path toward economic growth and stability, the Naira redesign policy presents an opportunity for the government to usher in a new era of financial and economic development.

In recent times, the Naira has faced devaluation, which has resulted in several economic issues. It is now the responsibility of the incoming government to address these issues.

By pursuing this policy, the government can create a currency that better serves the needs of the people, supports economic growth, and represents the country internationally.

A counterfactual feedback mechanism should also be integrated within the financial sector for appropriate signal for the economic productive base. Nigerians want to see traditional banks improve on their services and product offerings while the Fintechs and other disruptive financial service providers improve on trust, security, and data protection.

8. Telecommunications

The telecommunications industry in Nigeria has evolved from only voice infrastructure to the current scenario of exchanging audio, video, and text content over numerous wireless infrastructures.

The market for telecom services has also witnessed significant improvements in data speeds, from Global System for Mobile communications (GSM) and Code Division Multiple Access (CDMA) to Third Generation (3G), Fourth Generation (4G), and now the commercialization of Fifth Generation (5G) networks. The advent of data connectivity has made possible the reduction in the duration of transferring large chunks of data from days to hours and now to a few seconds.

We predict that Tinubu’s government might want to review lingering issues in this industry such as the Right of Way (RoW), and forex available for the importation of telecom equipment, amongst others.

The policy direction of the government will determine if a fifth Mobile Network Operator will emerge to compete favorably with MTN, Globacom, Airtel, and 9mobile. Remember that Mcom (formerly Mafab) has 5G license and preparing to enter the market with its products and services.   

Also, if the government fails to get the Social Media Bill passed at the National Assembly (check item number one below), the administration is likely to target the Over-The-Top (OTT) channels.

The truth is that today’s customer favours Over-The-Top (OTT) channels for a variety of reasons, among which the number of viewing options, and the pricing offered are the most prominent ones.

The OTT solution providers offer video, audio, and other media content over the Internet. Usually, they are not bound to price agreements with limited viewing choices to pick from. Common instances of OTT applications are Netflix, Amazon Video, Showmax, HBO, and others. The reason is that the government wouldn’t want to feel ‘embarrassed’ or ‘intimidated’ by social media users. They would want to retain the share of voice or a complete overhaul to neutralize the naysayers.

7. Agricultural Reforms

Many aspects of the agricultural value chain must be addressed. We are predicting that the incoming government might want to re-introduce or revive a Market Commodity Board to oversee the establishment of minimum prices for strategic crops. This will be great news for farmers who are usually the most hardworking of the value chain, but oftentimes, make the least profits.

Apart from guaranteeing an increase in income for the farmers, the commodity board will see improved production capacity and agricultural growth in Nigeria.

6. Total Removal of Petrol Subsidy

With the rising cost of petrol and endemic corruption, it is not surprising that many are questioning the effectiveness of the current petrol subsidy system.

The Nigerian government is facing growing fiscal pressures, and the removal of petrol subsidies has been discussed as a potential tool to reduce the country’s budgetary deficit. While the removal of petrol subsidies can be a difficult decision, it should be carefully considered due to the potential for positive economic and social impacts.

This policy has been subject to considerable debate in recent years, with various stakeholders voicing their opinions.

As the government seeks to optimize its resources, the incoming government should carefully consider this policy, with the long-term advantages placed at the fore.

5. Power Sector Reform

As Nigeria continues to move towards becoming a more prosperous nation, the government will need to ensure that the nation’s power sector is properly reformed.

This reform is essential to achieving long-term economic growth and sustainability. The incoming government in Nigeria should pursue a comprehensive power sector reform policy that is designed to ensure the efficient provision of reliable and affordable electricity to the nation’s citizens.

This policy should address issues such as inadequate electricity supply, tariff misalignment, poor service delivery, infrastructure modernization, energy sector reform, energy efficiency, and renewable energy. With the right policy in place, Nigeria can make significant strides in improving its energy sector and the quality of life for its citizens.

If your house is not metered yet this might be the time to get the device because the new government is likely to encourage more local manufacturers.

Interestingly, President Buhari’s government has given the power sector reform a boost following the recent constitution amendments that extended electricity to the concurrent list.

4. Student Loan Scheme

As the Nigerian government gears up for a new term in office, the issue of student loan scheme policy has risen to the forefront of its agenda. With the need to ensure that all students have access to quality higher education, the government must consider policies that will ensure the affordability and sustainability of student loan schemes in the country.

The increasing cost of higher education in Nigeria has led to many students being burdened with high levels of student loan debt. With the incoming government, there is an opportunity to pursue a student loan scheme policy that can help to reduce this burden and provide greater access to higher education.

It is important to consider the various components of a student loan scheme policy, such as loan repayment terms, interest rates, eligibility criteria, and more, when designing an effective policy. By taking into account the needs of Nigerian students, a student loan policy can be crafted to provide the necessary support for them to pursue their educational goals.

3. Increase in CIT (Company Income Tax)

One of the important areas Tinubu-Shettima administration is likely to consider is the Company Income Tax (CIT) policy.

Government is likely to cautiously review the current tax policy and any proposed changes should be undertaken to ensure that the policy is beneficial to both businesses and the government.

It is important to understand the implications of any such changes, and how they could influence the Nigerian economic landscape. While there is no one-size-fits-all solution to the challenge of increasing company income tax, a careful analysis of the current economic environment and the potential impacts of such a policy should be undertaken to ensure that any changes are beneficial to the country as a whole.

2. State Police

The incoming government must outline and implement a comprehensive policy for the nation’s State Police.

An effective State Police policy should focus on proper training and resources, effective accountability and oversight, and an appropriate balance between law enforcement and community engagement.

It is also essential that the policy reflects the unique needs of the Nigerian people and pays attention to the principles of justice, fairness, and respect for human rights, particularly at the regional and state levels.

To this end, Tinubu-Shettima administration is likely to embark on constitution amendment process to accommodate State Police.

1. Social Media Regulation/Moderations:

In Nigeria, social media regulation and moderation are growing concerns. Well, the Internet and digital media have demonstrated an increasingly important role in shaping Nigeria’s economy, but there are signs the incoming Tinubu-Shettima administration would want to push harder to regulate the social media space.

Recall that under President Buhari’s government anti-social Media Bill was introduced by the Senate of the Federal Republic of Nigeria on 5 November 2019 to criminalize the use of social media in peddling false or malicious information. The Bill originally titled ‘Protection from Internet Falsehood and Manipulations Bill 2019’, was sponsored by Senator Mohammed Sani Musa. After the bill passed second reading on the floor of the Nigeria Senate and its details were made public, information emerged on social media accusing the sponsor of the bill of plagiarizing a similar law in Singapore which is at the bottom of the global ranking in the freedom of speech and the press.

But the senator denied that he plagiarized Singaporean law. Eventually, the Bill was ‘rested.

Yet, the National Information Technology Development Agency (NITDA) issued the ‘Internet Intermediaries (ISPs, OTT, Social Media) Code of Practice’.

The Agency referred to section 6 of the NITDA Act 2007, which empowered it to standardize, coordinate and develop regulatory frameworks for all Information Technology (IT) practices in Nigeria.

Thus, NITDA said the code of practice was developed by its mandates and subsequently President Muhammadu Buhari’s directive to NITDA to develop a Code of Practice for Interactive Computer Service Platforms/Internet Intermediaries (Online Platforms), in collaboration with relevant Regulatory Agencies and Stakeholders.

Do not forget that in June 2019, the Nigerian Communication Commission (NCC) released Social Media Guidelines, which set out rules for the proper use of social media, and also established the Nigerian Cybercrime Unit (NCU) to help track and prosecute online criminals.

So, with the increase in hate speeches, resentments, and other vices done through Social Media, particularly during and post-2023 general elections, we are of the view that the incoming government will likely toe the line of President Buhari’s approach to social media regulation and will be more ‘aggressive’ about it. It is high time the Civic Society Organisations (CSOs) started planning on engaging the government on the possible best approach to this because a nation without a probing media landscape is doomed to slide to authoritarianism.

Some of the coded facts that will lead to the government pushing social media regulations include but are not limited to the protection of personal data, the protection of minors from harmful content, and the prevention of cyberbullying and hate speech.

There is a need to preach self-regulation starting with social media companies. Yes, these companies should be socially responsible by ensuring that the contents on their platforms comply with media laws and regulations, including laws on defamation, copyright, and privacy. In other words, we do not need another law viz-a-viz social media bill, if the provisions of present laws are followed.  

With the aforementioned economic, social, and political reforms, individuals, households, and the business community need to start re-strategizing as the saying goes, a stitch in time saves nine.

The excitement was hinged on the fact that Nigeria presumably can start local production of phones, even though ITF claimed that the phones were locally produced by the Model Skills Training Centre of the Industrial Training Fund; an agency under the Ministry of Industry Trade and Investment.

“Phones were produced using locally sourced components, by the Electrical/Electronics Technology Department of the Industrial Training Fund’s (ITF) Model Skills Training Centre,” Joseph Ari, ITF Director General said.

The following year on August 1st, ITF DG reassured Nigerians in Jos that the agency was almost finalizing plans to process requirements to enable Nigeria to begin mass production of Android phones in the country. This also includes Intellectual Property Rights, patent rights, legal framework, etc.

“We needed to also work with other regulatory agencies in terms of drawing the legal framework and other things and we are now at the concluding end to find the legal framework for intellectual property rights.

So, from that June last year till now, we have done a lot to ensure that we roll out the mass production of Android mobile phones and even a private company in Lagos. Afrione an Indian company has also approached us to partner with us in the area of capacity building and we have already signed a memorandum of understanding in that regard. So the rolling plan is on the course,” he said.

Perceived Bottlenecks

As of the time of filing this report, there is no record of mass production of ITF mobile phones or Android phones.

Industry analysts have argued that ITF mobile phones were only assembled and not locally manufactured, saying that there was no record of any made-in-Nigeria phone.

However, local production of smartphones or phones will require access to a circuit board, microphone, display, speaker, sim card holder, buzzer, vibrator, monitor battery, antenna, etc.

TechEconomy gathered that Africa’s largest economy lacks the capacity currently to completely manufacture phones until its able to fabricate the chips and components that make up high-tech technology devices.

“The phone that was showcased by the Minister of Industry, Trade, and Investment, Otunba Niyi Adebayo, is just an example of other phones that have been assembled in Nigeria,” National Coordinator for the Alliance for Affordable Internet, Olusola Teniola said in August.

“The component that makes up the phone and the screen were packed by other technology companies outside Nigeria. Nigeria can only claim to have assembled the phone. There is no record of any indigenous phone that was built bottom-up in Nigeria.”

Teniola said that he was aware of some companies assembling phones in Nigeria just like AfriOne clarifying that the firms only assemble but don’t manufacture phones.

“What they do at AfriOne is the assembling of parts like others, but they do not manufacture. Afrione is one of those who have been able to produce an assembled featured phone.”

Phone Market

Nigeria, according to the World Bank, has the largest mobile market in Sub-Saharan Africa, due to its strong mobile broadband infrastructure and improved international connectivity. One of the most important sectors in the country is telecommunications.

It is estimated that the average device owner changes devices every 6 to 18 months, while approximately 63 million devices are sold in Nigeria each year, according to the Nigerian Communications Commission,

On the other hand, Counterpoint Research’s Global Monthly Handset Sales Tracker, annual smartphone sales in Nigeria will increase by 81% year on year in 2021.

.

This was made known in a tweet by the Presidential Media Spokesperson, Tolu Ogunlesi, on Friday.

He tweeted, “ President #MBuhari has signed 16 Constitution Amendment Bills into Law. By this signing, State Houses of Assembly & Judiciaries now have constitutionally guaranteed financial independence, while Railways have moved from Exclusive Legislative List to the Concurrent List.

“Another landmark change: By virtue of the Presidential Assent, Nigerian States can NOW generate, transmit and distribute electricity in areas covered by the national grid. Wasn’t allowed pre-amendment. This is genuine, realistic restructuring — through the Constitution.”

The last time Buhari spoke was during a national broadcast on the 16th of February – He said the old N200 note will remain legal tender until April 10 when they will cease to be valid.

“To further ease the supply pressures, particularly to our citizens, I have approved the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from February 10, 2023, to April 10, 2023, when the old N200 note ceases to be legal tender,” he said.

On the contrary, Supreme Court said all the old notes will remain legal tender until December 31, 2023, including the N500, and N1,000 notes, nullifying the Naira redesign policy.

As a fact, the Central Bank Governor, Godwin Emefiele is yet to release an official statement ordering the deposit banks across the country to make cash available to Nigerians. The CBN cannot take any decisive action without the views or approval of the President.

As at the time of filing this report, Professor Charles Soludo, former Governor of the Central Bank and the incumbent Governor of Anambra State, wrote on his verified Facebook page that the “Commercial banks have been directed by the Central Bank of Nigeria (CBN) to dispense old currency notes and to also receive same as deposits from customers”.

Tightening Economy

Recall that due to the negative impact of the policy, the Supreme Court ruled that the Central Bank of Nigeria (CBN) must extend the use of old banknotes until 31 December. A seven-member court panel led by John Okoro unanimously ordered the CBN to continue accepting old notes from Nigerian citizens.

The cash shortage has not only hampered economic activity in the country but has also become a major risk to the economy.

Techeconomy gathered that many Nigerians who are facing the cash crunch are not able to pay for transport. ” Uchechi Mbah, a school principal at a secondary school in Lagos, said going to school every day to teach has become an arduous task due to the non-availability of cash.

” When it became so tough, the school needed to arrange a bus that takes all the teachers home. That was the only solution because many of us dont have cash for transport.

The last time Buhari spoke was during a national broadcast on the 16th of February – He said the old N200 note will, however, remain legal tender until April 10 when they will cease to be valid.

Generally, businesses have been affected especially SMEs. A forty-year-old woman who runs a restaurant business in Ojuelegba told TechEconomy on a phone call that sales have been down as many customers have resorted to digital channels.

She said the problem with the mobile transfer is poor network. “Many of the transfers have not reflected and these customers who have bought food from my restaurant.” She added, “it’s a tough one, many of us still prefer cash.”

According to the National Bureau of Statistics (NBS), full-year growth in 2022 will be 3.1%, in line with the World Bank’s forecast.

“Although the agriculture sector grew, its performance was significantly hampered by severe incidences of flooding experienced across the country,” the NBS said.

“The industry sector was … challenged, recording -0.94% growth and contributing less to the aggregate GDP relative to the third quarter of 2022 and the fourth quarter of 2021.”

Dr. Muda Yusuf, Chief Executive Officer of CPPE, stated that Nigerians continue to suffer as a result of the acute cash shortage caused by the rejection of old currency notes by market operators, the refusal of banks to accept old notes, the Presidency’s silence on the Supreme Court judgment, and the absence of an official pronouncement by the CBN on the issue.

He added that as payment system challenges persist, retail transactions across sectors have become nerve-racking and distressing. “Retail transactions across sectors have become nerve-wracking and distressing as payment system challenges persist.”

“Nigerians have not been this traumatized in recent history.” The economy is gradually grinding to a halt because of the collapse of payment systems across all platforms.

“Digital platforms are performing sub-optimally because of congestion; physical cash is unavailable because the CBN has sucked away over 70 percent of cash in the economy and the expected relief from the supreme court judgment has not materialized,” CPPE said.

Salvaging the Economy

Solving the economic problems of Nigeria will require some drastic measures. This includes tackling inflation by shifting from consumption to production, reducing the interest rate, providing infrastructure, and making the business environment conducive.

The current cash crunch is an addition to the already tightening economy. Stakeholders are calling on President Buhari to immediately intervene to put an end to the hardship caused by the currency redesign policy, adding that the cash shortage has not only crippled economic activities in the country but has now become a major risk to the livelihoods of Nigerians.