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Devaluation is grossly overrated, by Simon Kolawole

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On Monday, Vice-President Yemi Osinbajo might have made his boldest pitch yet for his expected presidential bid in 2023. Speaking at the administration’s midterm retreat — with President Muhammadu Buhari and Mr Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), in the room — Osinbajo appeared to have broken ranks with the government over its forex policy, faulting the demand management strategy and declaring the exchange rate as “artificially low” and “negatively affecting” the inflow of foreign exchange into the economy. The solution, he proposed, was to move “our rates” to be “reflective of the market” to encourage an inflow of “new dollars”.

The VP also raised issues with CBN’s direct intervention programmes which, he said, make it look like there is a competition between the monetary and fiscal authorities. (Interestingly, Osinbajo is the chairman of the steering committee of the Infrastructure Corporation of Nigeria Ltd, another brainchild of the CBN). His call for synergy between monetary and fiscal authorities is definitely in order and his worries over the potential room for arbitrage with multiple exchange rates are valid. But my little concern was that these are basic house-keeping issues that the VP should not be discussing on TV. We outsiders may get the impression that this government is divided against itself.

By being publicly critical of this administration’s demand management policy — which seeks to reduce forex outflow by curtailing importation of goods not considered as essential, such as rice and private jets — Osinbajo might also have sent a strong message to certain constituencies that he is his own man. That is, “Osinbajonomics” is going to be different from “Buharinomics”. This should please the World Bank/International Monetary Fund (IMF) and some Nigerian experts who have always maintained that for the country to attract foreign capital and boost forex supply, the naira has to be floated. They argue that like water, the national currency will eventually find its level.

Osinbajo’s position was quite clear and unambiguous, despite the attempted clarification by his media team. My first response was: “Shots fired!” Buhari has spoken openly against devaluation since he came to power. Why would the VP be openly critical of a policy that clearly has the imprimatur of the president all over it? Why make such comments at a televised forum? Why shout at someone you can whisper to? Was it an error of judgment? The headlines thereafter said Osinbajo called for devaluation. No matter his intention, the ordinary interpretation on the streets would be that the vice-president was campaigning for more hardship on Nigerian masses.

Nevertheless, the clarification begged the question: is devaluation a dirty word? In my own admittedly limited knowledge of economics, there could be justifications for devaluation. Three instantly come to mind (1) to make non-commodity exports cheaper in the global markets (2) to stimulate foreign investment (3) to encourage forex inflow into the system — as the vice-president himself was trying to suggest when he said “we can’t get new dollars into the system where the exchange rate is artificially low”. That is why I still do not understand why his media team tried to take back or re-phrase his words thereafter, saying he was only talking about eliminating arbitrage.

My point of departure with the vice-president is that he committed the same error as is the wont of many Nigerian neo-liberal economists and economic analysts: preaching the gospel of “seek ye first devaluation and every other thing shall be added unto thee”. Devaluation is packaged as the ultimate solution to all forex problems. The claim is that the moment you devalue your currency, foreign investors will come rushing in with tonnes of dollars. That is rather over-optimistic. There are many things that determine forex inflow. Devaluation is just one of them. And there is a limit to what devaluation can achieve in a poorly structured economy such as ours. That is my position.

For instance, while the VP was criticising CBN’s demand management policy, he was loudly silent on the elephant in the room: fuel subsidy. It is estimated that by the end of the year, the subsidy bill will be around N2tr. This is already a very big problem for public finance, but there is another sticky dimension. Ages ago, the NNPC used to sell its share of oil to earn “new dollars” and boost our reserves. However, the corporation now operates a direct sale direct purchase (DSDP) swap system under which we give crude to foreign refineries in exchange for refined products. That means no dollar exchanges hands. And that means billions of “new dollars” will not enter CBN reserves.

To be fair to the VP, arbitrage is serious economic distortion. The difference of N160 between official and parallel rates is huge. The CBN has argued that with the stringent rules in place and the calibre of those now getting forex legitimately — such as government agencies, manufacturers and airlines, etc — the room for arbitrage has shrunk. The parallel market, the CBN insists, accounts for less than 7% of our forex transactions. Nevertheless, eradicating arbitrage is a very simple “procedure”: just devalue the naira from N412/$ to N572/$. If supply issues persist, devalue again. But be assured that if rising cost of living leads to another #EndSARS uprising, our experts will be nowhere to be found.

 

To what do I liken this gospel of devaluation? It is like constantly repainting a commercial bus to make it attractive to passengers, whereas the seats are tattered, the air conditioning is broken and the engine is failing. We can keep devaluing the naira hoping to attract “new dollars” but our fundamental structural problems remain. While the value of the local currency may be a factor in attracting foreign investment, it is neither the sole nor the most important determinant. Capitalists also look critically at country risks. If the value of local currency was the magic pill, Zimbabwe and Venezuela would be the biggest recipients of “new dollars”. There are surely other factors at play.

 

In a country where separatists, kidnappers, herders, bandits and terrorists are having a ball, devaluation cannot be the tonic for “new dollars”. We have a country where there appears to be an official policy to muscle out some investors. The attorney-general just woke up one morning and said he dreamt that MTN evaded tax and immediately slammed a bill of $2bn on them. The information minister has been working overtime trying to chase Multichoice out of Nigeria. Potential foreign investors see all these things. They are aware of the hostile business environment, the frustrating legal system, the chaotic ports and the bureaucracy. But we somehow think devaluation is the cure.

 

Without a doubt, devaluation can temporarily relieve some symptoms and bring some inflow — with “temporarily” being the operative word. As a matter of fact, the CBN has been adjusting the exchange rate since 2016 while throwing even the kitchen sink to save the naira from drowning. The rate was N197/$ six years ago and is now N412/$. But, truth be told, devaluation as a tool of attracting foreign exchange is not sustainable, neither is it a sure pathway to economic development. The larger issue is: how do we attract multiple sources of forex into the economy so that we are not hopelessly tied to oil revenues and devaluation? How can we export more?

 

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The fundamental flaws of our economy have always been there — papered over by cycles of oil boom. When oil revenues are high, we go binging. When oil revenues are low, we go begging. When oil prices crashed in the early 1980s, we faced our first major challenge in the oil era. It was a mess. Inflation went through the roof. Our reserves were so down we were no longer creditworthy to import essential commodities. We had to queue up to buy rice and tin milk. Civil servants were being owed salaries for up to seven months. Things were so bad that after the military took power, it was a major event on NTA Network News anytime workers were going to receive one-month pay cheque.

 

Under our current circumstances, the CBN has an option: it can actually fold its arms and watch the country go up in flames as government finances plummet and fiscal policies remain in disarray. Civil servants will be owed salaries for months and thousands will be retrenched. Forex demand will keep ballooning. The CBN governor will just be devaluing the naira every Monday to encourage “new dollars” and eliminate arbitrage. Easy-peasy! But by the time we reach N5000/$, our problems will still remain unsolved — because our economic structure is warped and the fundamentals are not solid. Panadol can never treat high blood pressure, no matter the relief it gives for a migraine.

 

I would love to be CBN governor if oil price is $80/barrel, production is over 2mb/d, revenues are in excess of $4bn monthly, reserves are $60bn, forex demand is $2bn, and the fiscal authorities are playing their part. I would just be sleeping and snoring. The real challenge comes when revenues are low and fiscal policies are all over the place. That is when everybody begins to see our nakedness. That is when it becomes more obvious that the foundations of our economy are fickle and feeble. There is no way devaluation can take the place of a proper restructuring of the economy. We need law and order, infrastructure and security for a conducive and productive investment climate.

 

We say we want to diversify exports to attract more non-oil forex inflow, but it is easier for a Nigerian entrepreneur to go to the moon than to export a bag of garlic through our shambolic ports. These are issues obstructing our progress. Osinbajo oversees the presidential committee on ease of doing business and should help tackle these hinderances. Really, devaluation is the easiest thing for any CBN governor to do. But with our structural and infrastructural deficiencies, it will not guarantee capital inflows. Instead, it can lead to more misery for an economy that relies heavily on imports, including food and intermediate goods. We cannot devalue our way to economic prosperity.

 

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AND FOUR OTHER THINGS

TAX ATTACK

 

Every time, we say we want more investments in the Nigeria. Every time, we do something that promotes the exactly opposite. According to Order 3 Rule 6 of the Tax Appeal Tribunal (Procedure) rules approved by the ministry of finance in June 2021, if you disagree with a tax assessment by the Federal Inland Revenue Service (FIRS), you have to first pay 50% of the amount before you can dispute it. This is directly in conflict with Paragraph 15(7) of the FIRS Act which allows the appellant to pay the lower amount between 50% of tax paid the previous year and the current assessment. The new rule opens up tax payers to blackmail and extortion and will hurt businesses. Dissonance.

 

CIVIL CASE

 

The federal government has given two options to its workers: be vaccinated against COVID-19 or come with a negative test result, otherwise you can’t go to office from December 1. This comes with many dangers. Some will buy vaccination cards just to obey the directive. The anti-vax propaganda will grow more wings as every new death will be blamed on the vaccine. More so, government machinery may grind to a halt if unvaccinated key officers can’t come to work. Even though I am double-vaccinated, I am not in support of the new rule. Vaccination is an emotional issue for millions of people, most of whom have been brainwashed, so I prefer persuasion to coercion. Caution.

ELECTRONIC SHOCK

There has been excitement everywhere over the decision of the senate to allow electronic transmission of election results as well as direct primaries in which every member of a party will vote to pick candidates. However, I am sorry to say this: didn’t we say PVC would finally put an end to rigging in Nigeria? Why are we still worried about rigging six years after? You see, we always think the problem is the system. I keep saying the problem is the operators of the system. The problem is Nigerians. If Nigerians don’t change, Nigeria won’t change. I must admit, though, that I am enjoying the extremely optimistic public reaction. Unfortunately, it is these expectations that kill us. Gullible.

 

OIL DOOM

 

Crude oil price hit a three-year high of $85/barrel on Friday. Bad news for Nigeria. For one, our subsidy bill just went up, yet again. So, expect more deductions for “under recovery” by the Nigerian National Petroleum Corporation (NNPC) as we continue to use our forex to import millions of petrol for the rest of West Africa. Also, we are currently producing 1.25mb/d, way below our export quota — we are short by 360,000b/d. That is a lot of money we are losing every day. Our gain from price rise will, therefore, be marginal. What’s more, businesses that depend on diesel will now pay higher costs. Don’t say I am unpatriotic but I now prefer crude oil at $50/barrel or less. Beneficial.

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Opinion

Saudi Executions: Truth Behind Viral Kissing Claim

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Saudi Executions: Truth Behind Viral Kissing Claim

A Muslim scholar, Mallam Ibrahim Agunbiade, has urged the public to exercise caution over viral claims that two Bangladeshi nationals executed in Saudi Arabia were a married couple killed for kissing inside the Grand Mosque in Makkah, saying available official information does not establish the allegation.

In an article dated October 22, 2026, Agunbiade, a member of Al-Rabwa Islamic Propagation in Riyadh, Saudi Arabia, said the execution of the two Bangladeshis on October 14 had generated widespread controversy, particularly on social media, where claims about the circumstances of their deaths circulated without sufficient verification.

He said the Saudi Ministry of Interior announced that the individuals, identified as Nazrul Islam Abdul Basir and Siti Akhtar, also known as Sweety Akhtar, had been convicted of committing an indecent act inside a mosque in Makkah and sentenced to death under ta’zir, a category of punishment determined under the applicable Islamic legal framework.

According to Agunbiade, the Saudi authorities stated that the judgments had received the necessary judicial approval and that a royal order had authorised the executions.

However, he noted that the ministry’s announcement did not specify the precise act for which the two were convicted or state that they were executed for kissing on the forehead, as alleged in viral social media posts.

The scholar said the distinction was important because claims that the deceased were a married couple who had been punished for kissing inside the Grand Mosque had not been substantiated by the publicly available official statement.

Citing a report published by Bangladesh’s The Daily Star on October 20, Agunbiade said a confidential consular memorandum reportedly indicated that the two were not married but had worked as cleaners for the same company in Saudi Arabia.

He added that the memorandum reportedly stated that Nazrul was detained in August 2023 under Saudi Arabia’s cybercrime law, while Sweety was detained the following day over an allegation of adultery.

Agunbiade said the available information did not explain how the earlier allegations related to the offence subsequently cited in the Saudi government’s execution announcement.

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He further disclosed that Nazrul’s parents had told Bangladeshi media that their son was unmarried and that the family did not know the woman involved.

The Bangladeshi government has reportedly requested copies of the court judgments and further clarification from Saudi authorities, according to the account presented by the scholar.

He said the documents would be important in establishing the precise offences, the evidence considered by the courts and the circumstances surrounding the convictions.

Until the judgments and additional official explanations become available, Agunbiade advised the public against presenting the claims that the pair were newlyweds or were executed specifically for kissing inside the mosque as established facts.

Islamic teachings on the sanctity of mosques

Beyond the controversy surrounding the executions, Agunbiade emphasised that Islam attaches great importance to the sanctity of mosques and appropriate conduct in places of worship.

He cited Qur’an 72:18, which states: “And the mosques are for Allah, so do not invoke anyone along with Allah.”

According to him, the verse underscores the sacred purpose of mosques as places devoted to the worship of Allah.

He also referred to a narration in Sahih Muslim concerning the purposes of mosques, including the remembrance of Allah, prayer and the recitation of the Qur’an.

Agunbiade said Muslims should respect these sacred spaces and avoid behaviour that distracts worshippers or undermines their religious purpose.

However, he cautioned against using religious teachings to justify the circulation of unverified allegations or drawing conclusions about a criminal case without sufficient evidence.

Qur’an warns against spreading unverified information

The scholar said the controversy also highlighted the importance of verifying information before sharing it, particularly when reports involve criminal allegations, religious sensitivities and the lives of individuals who can no longer respond to claims made about them.

He cited Qur’an 49:6, which instructs believers to investigate information brought by an unreliable source before acting upon it.

The verse states: “O you who believe, if a rebellious person comes to you with information, investigate it.”

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Agunbiade also cited a narration in the introduction to Sahih Muslim, commonly numbered Hadith 5, which warns that a person may be considered a liar if they narrate everything they hear.

He said the teachings were particularly relevant in an era when sensational claims could spread rapidly across social media platforms, often reaching large audiences before journalists or other responsible parties had established their authenticity.

According to him, journalists, religious commentators and members of the public have a duty to distinguish verified facts from allegations, speculation and unconfirmed accounts.

He warned that repeating a claim without checking its authenticity could mislead the public, damage reputations and inflame religious or social tensions.

Calls for clarification should not be confused with rejection of justice

Agunbiade also addressed questions surrounding the judicial proceedings that resulted in the executions, saying the reported request by the Bangladeshi government for copies of the judgments and further clarification deserved attention.

He cited Qur’an 16:90, which states that Allah commands justice and excellence, to underline the importance of fairness and accountability.

The scholar argued that seeking clarification about a criminal case should not automatically be interpreted as rejecting a court’s judgment.

Rather, he said, understanding the precise offence, the evidence presented and the circumstances of the proceedings was essential to an informed assessment of the case.

He also cautioned against drawing conclusions from the timing of the executions alongside international political developments, saying that the coincidence of events did not, by itself, establish a connection.

Any such suggestion, he maintained, would require credible supporting evidence.

Facts must be separated from speculation

Agunbiade concluded that the information presented in the Saudi Ministry of Interior’s announcement established that two Bangladeshi nationals had been executed after being convicted of an indecent act inside a mosque in Makkah.

However, he stressed that the announcement, as described in his article, did not substantiate the viral claim that the two were a married couple executed specifically for kissing on the forehead inside the Grand Mosque.

He called for responsible reporting and urged the public to avoid treating unverified social media narratives as confirmed accounts of the case.

The scholar said respect for the sanctity of mosques should go hand in hand with respect for truth, justice and responsible journalism.

As questions remain about the precise offence and the circumstances of the proceedings, the full court judgments and further official clarification from the relevant authorities would be necessary to establish a more complete account of the case.

The allegations circulating online should therefore be distinguished from the information confirmed in the publicly described official announcement, pending the release of further details.

Saudi Executions: Truth Behind Viral Kissing Claim

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OPINION: Who Still Needs the NYSC? — By Bola Bolawole

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Bola Bolawole

OPINION: Who Still Needs the NYSC? — By Bola Bolawole

The recent abduction of National Youth Service Corps (NYSC) members travelling from Ibadan, Oyo State, to orientation camps in the South-East and South-South has once again raised a difficult question: does Nigeria still need the NYSC in its present form?

The question is not new, but the latest incident has made it more urgent.

On October 1, two buses conveying NYSC members and other passengers from Ibadan to Uyo, Akwa Ibom State, and Bende, Abia State, were attacked by suspected armed men in Imo State. The police subsequently reported that 10 victims had been rescued, while efforts continued to establish the exact number of people still in captivity.

If the abducted young Nigerians travelled from Ibadan, some of them could be from Oyo and neighbouring South-West states, although victims may also have come from other parts of the country. The incident should therefore concern Nigerians collectively.

Governors whose citizens are affected should not leave the matter entirely to the Federal Government. Even where they do not directly control the police or military operations, they can support affected families, communicate with them and provide whatever assistance falls within their powers.

Questions over police handling

There are also serious questions about how information concerning the operation was handled.

The Imo State Commissioner of Police, CP Audu Bosso, disclosed that security operatives had located the kidnappers’ camp but were unable to immediately advance because intelligence indicated that the area had been mined with explosives. He also spoke about the use of drones and preparations for further operations.

That raises an important question about the disclosure of sensitive operational information while a rescue operation is still ongoing.

Security agencies must communicate with the public, but such communication should not inadvertently expose operational strategies, locations or vulnerabilities that could assist criminals.

The media, too, must exercise responsibility. The desire to break news or attract traffic should never override the safety of victims or security personnel.

Why was NYSC established?

The National Youth Service Corps was established by Decree No. 24 of May 22, 1973, following the Nigerian Civil War.

According to the NYSC, the scheme was created to promote national unity and develop common ties among Nigerian youths. Its broader purpose was to encourage young Nigerians to serve communities outside their immediate cultural and geographical environments.

The idea was understandable.

Nigeria had just emerged from a devastating civil war. The wounds were still fresh, distrust among different sections of the country was considerable, and there was an urgent need to rebuild bridges.

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The NYSC was therefore conceived as an instrument of reconciliation, integration and national development.

But more than five decades later, we must ask whether the circumstances that gave birth to the scheme still exist in the same form — and whether the scheme is achieving its original objectives.

Fifty-three years later, what has changed?

The NYSC has undoubtedly produced benefits.

Millions of young Nigerians have lived and worked outside their home states, interacted with people from different ethnic and religious backgrounds and contributed to communities through their primary assignments and community development projects.

For many Nigerians, NYSC remains one of the few institutions where young people from different parts of the country experience Nigeria beyond their immediate environments.

But the challenges have also become enormous.

Over the years, corps members have died in road accidents while travelling to their places of primary assignment or during their service year. More recently, insecurity, terrorism, banditry and kidnapping have introduced an additional and frightening dimension to the risks confronting young Nigerians serving their country.

The latest abduction therefore forces us to ask:

For how long should young graduates be compelled to travel long distances and serve in places where their safety cannot be guaranteed?

And more importantly:

Is the present structure of the NYSC still the best way to promote national unity?

Has the NYSC achieved its central objective?

After more than five decades of the NYSC, Nigeria continues to struggle with ethnic suspicion, regional grievances and demands for greater autonomy or restructuring.

The emergence of groups such as MASSOB and IPOB in the South-East, alongside various self-determination and restructuring movements in other parts of the country, suggests that the challenge of national cohesion has not disappeared.

The South-West, too, has witnessed the emergence of different groups advocating varying forms of restructuring and self-determination.

These developments do not necessarily mean that the NYSC has failed. National integration is far more complicated than a single government programme.

But they should compel policymakers to examine whether the original model remains adequate for today’s Nigeria.

Reform rather than sentiment

The answer may not necessarily be to abolish the NYSC overnight.

There may be a strong case for fundamentally reforming it.

A modern national service programme could place greater emphasis on skills acquisition, technology, entrepreneurship, healthcare, education, disaster response and community development.

The compulsory nationwide posting system could also be reviewed, particularly where security conditions make deployment dangerous.

Nigeria should not continue doing something simply because it has been done for 53 years.

At the same time, we should not discard an institution simply because it has weaknesses. The real question should be: what works, what no longer works, and what should replace it?

Time to rethink government agencies

The NYSC debate should also be part of a broader conversation about the cost and effectiveness of government institutions.

Nigeria has numerous Ministries, Departments and Agencies whose functions sometimes overlap, while some institutions have become largely ineffective.

The Federal Government should therefore revisit recommendations on restructuring and rationalising government agencies, including the Oronsaye reforms.

The objective should not merely be cutting institutions for the sake of cutting them. It should be about creating a leaner, more efficient government that delivers better services to Nigerians.

Who still needs the NYSC?

That is ultimately the question.

The NYSC was born out of the circumstances of post-Civil War Nigeria. Its founders wanted young Nigerians to develop common bonds and a stronger sense of national identity. Those objectives remain desirable.

But the Nigeria of 2026 is not the Nigeria of 1973.

Our security challenges are different. Our population is different. Our economy is different. Our young people face different challenges. Technology has transformed communication and interaction.

The government must therefore have the courage to ask whether the NYSC should continue unchanged, be radically reformed, or eventually replaced with a more effective national service framework.

What we cannot continue to do is expose young Nigerians to avoidable danger simply because a policy was created more than half a century ago.

National unity is important. But so is the safety and dignity of the young Nigerians who are expected to serve the nation.

Bola Bolawole, a former Editor of PUNCH Newspapers, Chairman of its Editorial Board and Deputy Editor-in-Chief, writes columns for Nigerian newspapers.

Source note: The opinion is adapted for Newstrends.ng from Bola Bolawole’s October 7, 2026 article. The NYSC’s official account confirms that the scheme was established by Decree No. 24 of May 22, 1973, principally to promote national unity and common ties among Nigerian youths.

OPINION: Who Still Needs the NYSC? — By Bola Bolawole

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Nigeria — My Country of Destiny

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Nigeria — My Country of Destiny
Mrs Bolatito Ajibode

Nigeria — My Country of Destiny

A speech delivered by Mrs Bolatito Ajibode, Convener, Independence Day Fiesta, at Landmark Events Centre, to mark Nigeria’s 66th Independence Anniversary

Nigeria is my country of destiny.

It is not a coincidence that I was born here. God had me in mind when He blessed this land.

It is not a coincidence that this prosperous land is populated by people of different cultures; hence, our tongues and tribes differ. We call it PRODIVA — Prosperity in Our Diversity.

The Lord finished the work of creation and should be praised for loading us with the benefits of arable soil, mineral-rich land, solid minerals, oil and gas, and a market of over 200 million people. Many are yearning for these endowments and have come to our land to explore and exploit them.

Our endowments are beckoning on us for exploration. The few who have taken up the challenge, like Dangote, are smiling to the bank by converting our huge deposits of limestone into cement and refining our crude oil into petroleum products. He has taken Nigeria to the global stage, and we are all proud of him as our brother.

We, however, need more Dangotes.

Last year, we had our maiden edition at Muri Okunola Park, where we challenged ourselves to do more by building a side hustle in addition to our 9-to-5 jobs.

We urged ourselves to:

  1. Start small from where we are and grow.
  2. Explore the vast resources of this country to create wealth.

I am happy to say that we have positive testimonies from those who have started their side hustles, making extra income and contributing to the total income of Nigeria.

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Having laid a solid foundation last year, our goal this year is to cement it and contribute, individually and collectively, to the per capita income of Nigeria.

The desired growth of Nigeria can only come as we add value to the wealth of the nation in our own little corners.

That is the only variable we can control because the other variable — population — is outside our control.

We are typically excited about our young population and proudly rejoice that Nigeria is projected to become one of the five most populous countries in the world by 2050.

The question we need to ask is: How do we house, feed and clothe this growing population?

Certainly, having a young population is good, but it can also become an easy path to poverty and insecurity if we are not deliberate about growing national wealth and baking a bigger national cake.

Yes, our business environment is tough and unstructured. It raises the entry barrier because many are not ready to weather the storm. Those who are able to stay and thrive in this tough business environment have overcome the challenges, and some of them are here with us today.

A deep appreciation to our keynote speaker, Mrs Chinwe Ezenwa, the Managing Director of Lee Look Bags, who has been in the business of Ankara and Aso-Oke fabric bags for four decades. We look forward to drinking from her fountain of knowledge this morning.

Also in our midst is our brother, Mr Ola Awakan, the Director-General of the Nigerian Tourism Development Authority, who has used literature and poetry to deliver compelling indigenous stories from the heart. He has come with his team all the way from Abuja to honour us.

During the panel session today, we will hear the success stories of our panelists and also interact with them during the networking session.

In line with the theme of the year, we would like us to consider:

  • Low-hanging fruits in our business environment;
  • Low-technology business ideas;
  • Businesses that are authentic and unique to us;
  • Commercialising our indigenous values and ideas in food, clothing, arts and drama.

We need to own and dominate this space!

Today, we have in this room great men and women who have taken these indigenous values and ideas to the global stage.

They will share their PRODIVA stories and inspire us.

I believe their insightful stories will also challenge the invited students from Yaba College of Technology, the University of Lagos and Lagos State University.

The idea is to catch them young. 😍

Please note: the Independence Day Fiesta is not about storytelling alone. We are also going to have fun.

We have about four performances, including spoken-word poetry, drama, drumming, music performances and Naija music with good lyrics.

We will also break out for lunch to enjoy various Naija cuisines.

It is my prayer that, at the end of the session, we will all have our takeaways and begin to water the seed of prosperity in our diversity.

Once again, thank you for coming. Please relax and have fun.

Nigeria — My Country of Destiny

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