By Abubakar Sadiq Dauda

It is absurd that my Northern brothers are nagging and complaining over the unavailability of the new redesigned currency when we can transact using POS machines, online banking and USSD.

So far, many southerners are unperturbed with the happenings. The complaint, curses and insults is mainly coming from the North. It is ridiculous that the masses and average persons in the North are hailing our politicians for opposing the monetary redesign scheme, not knowing that the politicians are crying because it is going to affect their chances in the upcoming elections if the policy is not reversed or extended.

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I can’t fathom how the unavailability of the newly redesigned currency affects any smooth transaction of any kind when there are many online payments platforms, numerous POS terminals in our shops and markets.

The North must learn to embrace technology. We must not relegate ourselves to second division when it comes to education and technology. Even against many odds, we must wise up. We must equip ourselves with basic knowledge in areas of communications and technology.

It is a clarion call, let us wake up!

Sadiq writes from Kano. Can be reached via sadiqdauda55@gmail.com

By Umar Ismaila Isa

Its saddening, psychologically and traumatically worrying that in our today’s Nigeria, the major employers of labour are not just falling, but also wobbling, humbling, crumbling and collapsing like packs of cards much to the chagrin of other African countries that have long been venerating and reverencing and referencing Nigeria’s economy as the giant of the continent. How are the mighty falling.

Some of the factors responsible for these colossal falls are partisan political influence, interest as well as corruption which had brought businesses in Nigeria to their humble knees, specifically the micro, small and medium enterprises, while also not staking claims for even common macroeconomic factors like recessions, insecurity, government debt, exchange rate and high-interest rates.

As we speak, there were over 41million MSMEs in Nigeria in 2017. which have as at 2022 dropped to about 35 million.

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No doubt, failure to provide value money can make customers disgruntled and avoid patronage, so also poor inventory management, failure to differentiate product and services in a highly competitive environment, and strong bargaining power of buyers which can as well cause business failure, not mentioning weak economy, tax burden, high exchange rate, lower purchasing power, high inflation, money running out being in the wrong market, lack of research, bad partnerships and wrong allocation. All these undoubtedly in no small measure can cause business failure.

Also, Challenges like rising cost and reduced revenue, poor power supply, restrictive economic policies, foreign exchange hike, high cost of production, insecurity, high inflation rate have drastically reduced the number of MSMEs which were over 41million in 2017 and now ar about 35million in the just last year 2022.

The data from the bureau of labor statistics isn’t encouraging at all, as it shows that approximately 20percent of new businesses faile during the first two years of operation, 45percent during the first five years and 65percent during the first ten years, while only 25percent makes it to 15 years or more.

In Nigeria, MSMEs account for 48percent of the Gross Domestic Product, (GDP), 96percent of businesses, 84percent of employment in the the country, according to a pricewaterhousecoopers report, and also the three CCCs which are concept, capability and capital. So it’s worthwhile to make sure that before engaging in any business that you make sure you have the basic concept, capability before investing your capital.

As a matter of fact and emergency, beyond the rhetorics, there are practical ways government can create the right environment for businesses to thrive increase, the ease of doing business, eliminate multiple taxations of MSMEs, encourage public-private partnerships, improve power supply, tackle the issue of foreign exchange hike, because with the rate of inflation in the country many businesses can’t survive.

The government and other necessary authority have to take measures to save the country before it’s too late, and the time is now especially as we prepare to elect another president in less than 40 days from now that will take the baton of leadership from President Buhari.

Umar Isa is a business writer and analyst. He writes from Kano and can be reached via issihbaba@gmail.com

By Usman Isnaila Isah

In 2021, the country’s inflation rate stands at 17 %, even though it fluctuated substantially in recent years. It tended to increase through 2002 – 2021 period ending at 17 % in 2021.

The only question begging for billions of answers is why inflation in Nigeria skyrocketed so high. According to the national bureau of statistics (NBS), the rise to a sharp increase in demand ahead of the Christmas season, import cost hikes due to the depreciation of the naira currency and a rise in production cost.

the NBS explains that the rising inflation rate was caused by soaring food prices disruption in food supply chain, rise in import cost due to the currency depreciation and increase in the cost of production.

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Inflation is a a serious problem for a country like Nigeria grappling with sundry issues like insecurity and poverty.

For instance, unlike in advance nations such as the US and Japan where some levels of inflation is tolerable to stimulate economic activities, Nigeria inflationary trend is detrimental to its growth due to its structural deficiency, logistics problem and insecurity among others.

High inflation tends to worsen inequality and poverty; because it hits income and savings harder for poorer or middle income households than wealthy households that have recently escaped poverty could be pushed back into it by rising inflation.

Problems Of Inflation In Nigeria

Inflation is a major drive of poverty in Nigeria, and other several macroeconomic problem such as insecurity, inadequate infrastructure, exchange rate hike, poor economic policies and debt upsurge. In an inflationary environment unevenly rising prices inevitably reduce the purchasing power of most consumers and this erosion of real income is the single biggest cost of inflation.

It also hurts the economy and consumers in 3 major ways, such as less purchasing power, less savings, loss of goods and services.

Basically, there are two main types of inflation, which are, Demand pull inflation and Cost push inflation. These two types of inflation usually cause an increase in the overall price level within an economy. Inflation high rates can be curbed via effective monetary and fiscal policies, and this implies that the government must manage the exchange rate via an effective monetary policy, encourage exportation, encourage and improve made in Nigeria if possible subsidized the dollar, and encourage the marketers.

Government must as a matter of fact show sincerity of purpose and real political will if it desires the country to pull out of the current inflation rate that the country currently finds itself.