OPINION
Economic Diversification and Nigeria’s Feeble Attempts
By Jerome-Mario Utomi
It is no longer news that across the globe, there exists persistent call on nations, regions and continents to shift toward more varied structure of domestic production and trade as it is not only a strategy to encourage positive economic growth and development but with a view to increasing productivity, creating jobs and providing the base for sustained poverty-reducing growth.
What has however caused concern is the paltry number of nations and leaders particularly in Africa as a continent that have keyed into such relentless calls.
Adding fillip to the above worry/claim is the well quoted World Bank Group report which among other observations noted that economic diversification remains a challenge for most developing countries and is arguably greatest for countries with the lowest incomes as well as for those whose economies are small, landlocked and/or dominated by primary commodity dependence.
It submitted that for such countries, economic diversification is inextricably linked with the structural transformation of their economies and the achievement of higher levels of productivity resulting from the movement of economic resources within and between economic sectors.Take Africa as an example, aside its inability to diversify which has made it aid receiving continent, continually look up to continents such as; Asia, Europe and America for aid after almost 60 years of independence, the failure, in my views explains why Africa as a continent despite being the second most-populated continent in the world (1.2 billion people), represents only 1.4% of the world Manufacturing Value added in the first quarter of 2020. Also, the effect of the continent failure to diversify is signposted in the painful reality that out of about 54 countries that made up the continent, only South Africa qualified as a member of BRICS, an acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa.
While the piece laments this challenge, it is relevant to the present discourse to underline that this tragedy is well rooted in, and has spread its wings in Nigeria as a country.
To illustrate this claim, as part of the transformation agenda, reports has it that former President GoodLuck Ebele Jonathan through his Coordinating Minister, Dr Ngozi Okonjo Iwuala, now Director General, World Trade Organization (WTO) emphasized the need for the diversification of the economy to promote inclusive growth and job creation. The administration aimed at achieving the objective through investment in agriculture, housing and construction, manufacturing, aviation, power, roads, rail solid minerals and the information and communication Technology, ICT, sectors by both government and the private sector. These sectors the report added would gradually transform the economy and create jobs in the process as well as move the economy in the right direction.
Sadly but expected, the ideas and pontifications, like those of his predecessors, ended not just in the frames but as a mere declaration of intent.
Nevertheless, before getting into the nitty-gritty of economic decays in the present government particularly its long history of inabilities to come up with, and implement a well-foresighted plan or execute a shift toward more varied structure of domestic production and trade, let’s cast a glance at January 2020 policy comment by one of the well respected newspaper in Nigeria.
Specifically, while lamenting (then) that Nigeria is a country that services its debt with 50% of its annual revenue, the report noted that the country would be facing another round of fiscal headwinds this year (2920) with the mix of $83 billion debt; rising recurrent expenditure; increased cost of debt servicing; sustained fall in revenue; and about $22 billion debt plan waiting for legislative approval. It added that it may be worse if the anticipated shocks from the global economy, like Brexit, the United States-China trade war and interest rate policy of the Federal Reserve Bank go awry. The nation’s debt stock, currently at $83billion, comes with huge debt service provision in excess of N2.1 trillion in 2019, but set to rise in 2020. This challenge stems from the country’s revenue crisis, which has remained unabating in the last five years, while the borrowings have persisted, an indication that the economy has been primed for recurring tough outcomes, the report concluded.
Unfortunately, because no one acted on those warnings, the next paragraph lays bare the consequence of such failure and failing by the Federal Government.
Recently, a report noted that the Federal Government made a total of N3.25tn in 2020, and out of which spent a total of N2.34tn on debt servicing within the year. This means that 72 per cent of the government’s revenue was spent on debt servicing. It also puts the government’s debt servicing to revenue ratio at 72 per cent. According to the report, a review of the budget performance of the 2020 Appropriation Act In 2019 shows that the Federal Government made total revenue of N3.86tn. Within the year, debt servicing gulped N2.11tn. This puts the Federal Government’s debt servicing to revenue ratio in 2019 at 54.66 per cent. This means that between 2019 and 2020, the Federal Government’s debt servicing to revenue ratio jumped from 54.66 per cent to 72 per cent. The report concluded
Indeed, the question may be asked why the country’s revenue crisis remained unabated in the last six years.
Within the context, the answer lies in the fundamental recognition that here is a country reputed for crude oil dependence and laced with a leadership system devoid of accountability, transparency and accuracy.
The truth is that considering the slow growing economy but scary unemployment levels in the country, the current administration in my opinion will continue to find itself faced with difficulty accelerating the economic life cycle of the nation until they contemplate industrialization, or productive collaboration with private organizations that have surplus capital to create employment.
Another alternative recourse will probably be to move part of the job creation functions and infrastructural provision/development to the state and local government authorities via restructuring/structural interventions. While the first option (industrialization) may offer a considerable solution, the second and third options (restructuring/productive collaboration with private organizations) have more potential reward in political and socioeconomic terms as well as come with a reduced risk. To achieve such a feat, power (electricity) and other infrastructure-roads need to be addressed. Notably, not doing any of this, or continuing on the low growth of the economy will amplify the painful consequence of strategic mistakes made by previous administrations that failed to invest during the period of rapid economic growth.
Very key, both the state and Federal must invest in agriculture and increase its capacity in ways that will bring about essential element of productivity policy and require a double focus on improving the quality of governance, strengthening government capacity to resolve coordination failures and facilitate information collection, as well as improving the design of interventions along the line of robustness to weak information, implementation capacity, and political economic issues. We must not fail to remember that ‘in the 1960s and immediately before the oil boom of the 1970s, agriculture contributed 60% to Nigeria‘s Gross Domestic Product (GDP), 70% to export, and 95% to food needs’.
Above all, our leaders must internalize the fact that revenue diversification from what development experts are saying will provide options for the nation to reduce financial risks and increase national economic stability: As a decline in particular revenue source might be offset by increase in other revenue sources.
Utomi is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), Lagos.
By Folasade Akpan
For Mrs Schola Effiong, a 58-year-old confidential secretary in Calabar, managing diabetes in today’s economy feels like “climbing a hill that only gets steeper”.
Diagnosed in 2009, she said her monthly expenditure on insulin, tablets, laboratory tests and monitoring supplies now exceeds ₦150,000.
“You cannot stop taking the drugs, yet the cost keeps going up.
“Sometimes I do not have the money to buy some of them at the same time,” she said.
Her struggle mirrors the experiences of thousands of Nigerians at a time when experts warn that diabetes is becoming a major public health concern.
According to a 2018 national meta-analysis by Uloko et al.
, titled “Prevalence and Risk Factors for Diabetes Mellitus in Nigeria: A Systematic Review and Meta-Analysis”, Nigeria’s diabetes prevalence stands at 5.7 per cent, representing 11.2 million adults.The authors defined diabetes mellitus as a metabolic disorder of chronic hyperglycaemia caused by absolute or relative insulin deficiency and associated with disturbances in carbohydrate, protein and fat metabolism.
The study, which pooled data from numerous research works across the country, revealed wide regional disparities.
The prevalence rate was 3.0 per cent in the North-West, 5.9 per cent in the North-East, and 3.8 per cent in the North-Central, respectively.
The rates were higher in the southern part of the country: 5.5 per cent in the South-West, 4.6 per cent in the South-East, and 9.8 per cent in the South-South.
Experts say these patterns reflect changing lifestyles, rapid urbanisation and limited access to routine screening.
However, for many patients, statistics tell only a fraction of the real story.
Mr Offum Akung, a 57-year-old teacher in Cross River, said he had to ration his drugs because prices kept rising faster than his salary.
“I spend over ₦40,000 a month and still cannot buy everything on my prescription.
“I rely mostly on Glucophage now; when money allows, I add Neurovite Forte; diabetes management has become more difficult than the disease itself,” he said.
He appealed for government intervention, saying many patients were already “giving up”.
The Second Vice-President of the Diabetes Association of Nigeria, Mr Bernard Enyia, said the economic situation had pushed many Nigerians with diabetes into dangerous coping methods.
He said that he once managed his condition with about ₦70,000 monthly, but currently spends more than ₦180,000.
“Insulin has become something you pray for, while some people are sharing doses or skipping injections.
“Once you break treatment, the complications come quickly.”
Enyia, who lost his job as a health worker in 2017 due to frequent hospital visits, described the emotional toll as immense.
“It affects your finances, your social life, your marriage — everything. Many Nigerians with diabetes are quietly drowning,” he said.
Globally, concerns are also rising.
The World Health Organisation (WHO) estimates that more than 24 million adults in Africa are living with diabetes, a figure projected to rise to 60 million by 2050.
Marking World Diabetes Day 2025, WHO Regional Director for Africa, Prof. Mohamed Janabi, warned that rising obesity, lifestyle changes and weak health systems were fueling an “unprecedented wave of diabetes” across the continent.
He urged governments to prioritise access to affordable insulin, diagnostics and long-term care.
More so, pharmacists say they are witnessing the crisis firsthand.
The Senior Vice-President, Advantage Health Africa, Mr Adewale Oladigbolu, said many patients were no longer able to maintain regular medication schedules.
“People buy drugs today and skip them tomorrow because they do not have money.
“With non-adherence, they never reach therapeutic goals.”
Oladigbolu, a Fellow of the Pharmaceutical Society of Nigeria, said that locally manufactured metformin remained in high demand due to affordability, but insulin-dependent patients faced the harshest burden.
He stressed that diabetes care extended far beyond drugs.
“You need glucometers, strips, blood pressure monitors and regular tests.
“In countries where insurance work, patients do not think about the cost; in Nigeria, they pay for everything out of pocket,” he said.
He called for diabetes care to be covered under health insurance to reduce the financial burden on patients.
President of the Diabetes Association of Nigeria, Prof. Ejiofor Ugwu, described the rising cost of treatment as “a national crisis hiding in plain sight.
He said insulin, which sold for about ₦3,500 four years ago, presently costs ₦18,000 to ₦22,000 per vial.
“Test strips that were ₦2,000 now sell for ₦14,000, while glucometers have risen from ₦5,000 to over ₦25,000.
“On average, a patient now needs between ₦100,000 and ₦120,000 every month. Imagine earning ₦50,000 and being asked to spend twice that on one illness.”
He warned that between half and two-thirds of Nigerians with diabetes remain undiagnosed.
“We are seeing more kidney failure, more limb amputations, more blindness.
“These are late presentations caused by delayed or inconsistent treatment.”
Ugwu urged the Federal Government to urgently subsidise essential anti-diabetic medications and remove taxes on their importation.
“Most of these drugs are produced outside the country.
“Once you add import duties and other charges, prices become unbearable; subsidies and tax waivers could drop costs by at least 30 per cent,” he said.
He also called for expansion of the National Health Insurance Authority (NHIA) to cover a wider range of anti-diabetic medicines, glucose meters and strips — none of which are currently covered.
For many Nigerians, however, the struggle continues daily.
Across households, clinics and pharmacies, the message is the same: as Nigeria’s diabetes prevalence rises and treatment costs soar, more patients are slipping through the cracks — some silently, others painfully — while waiting for meaningful intervention.
In all, stakeholders say diabetes is a national emergency; people are dying quietly because they cannot afford medicine; hence the urgent need for relevant authorities to make anti-diabetic medications accessible and affordable.(NAN)
 | ReplyReply allForwardAdd reaction |
By Dorcas Jonah
In the Nigerian culture, extended families and communities play a crucial role in care-giving, instilling values, and supporting the development of children.
This cultural heritage of community parenting emphasises shared responsibility in raising children.
But in contemporary Nigeria, this age-long practice is facing enormous challenges due to modernisation.
In scrutinising this trend, some parents are of the view that community parenting helps in instilling morals and curbing social vices among children and youths, while others believe it is outdated.
Some parents are of the belief that their children are their responsibility; so they do not tolerate others correcting their children.
By contrast, others say that community parenting, when done with good intentions, can help raise a better society.
Mr Peterson Bangyi, a community leader in Dutse Makaranta, said that community parenting was the bedrock of raising a child.
He said the adage: “it takes a village to raise a child”, remained a powerful principle in contemporary society.
According to him, by Nigeria’s cultural norms and values, a child is owned by everyone; therefore, the grandparents, aunts, uncles, and neighbours actively contribute to raising children.
“This approach fosters a sense of belonging and ensures children grow up with diverse role models.”
Bangyi said that the extended families practiced by more communities were the backbone of parenting.
“But modernisation has taken away this practice as most families do not want people to come close to their children,’’ he said.
Mrs Monica Umeh, a mother of two, emphasising on the importance of community parenting, said that it played significant role in shaping her upbringing as a child and young adult.
Umeh advised that when correcting other people’s children, it is essential to do so with love and good intentions, without any form of bitterness.
“I am a strong advocate of community parenting as long as it is done with love and good intentions.
“I believe no parent can single-handedly raise a child without the support of others,’’ he said.
Mr Temitope Awoyemi, a lecturer, said that community parenting was crucial and could not be over-emphasised.
He said that community parenting helped society in inculcating strong moral values in children and youths, adding that modern life could be isolating for parents.
Awoyemi said that strong community support networks had been shown to lower parental stress levels and promote a more optimistic approach to raising children.
“It also ensures that a child receives guidance and correction from various adults, providing a broader, more consistent moral and social baseline that might be missed by parents who are busy with work.
“Community parenting encourages collaborative, interdisciplinary support from various community members and agencies in addressing a child’s developmental needs comprehensively.
“It focuses on prevention of long-term problems and celebrating individual strengths,’’ he said.
Awoyemi said that as the society continued to evolve, community parenting could adapt to ensure children benefitted from both cultural roots and contemporary innovations.
Mr Fortune Ubong, a cultural enthusiast, attributed the increasing crime rate in Nigeria to lack of community parenting that had extended to schools, and government institutions.
According to him, community parenting remains the foundation of every child’s moral upbringing.
“Most parents are now focused on earning a living and improving their lifestyle, in the process abandoning their primary duty of molding and guiding their children; this is where community parenting plays a greater role,” he said.
However, Mrs Joy Okezia, a businesswoman, said that given the recent developments in the country, correcting a child should be the sole responsibility of their parents.
Okezia said that she preferred to correct her children herself as she knew them better than anyone else.
She also noted that with the rising insecurity in the country, intervening to correct a child could pose a significant risk to the person.
Mrs Ijeoma Osita, a civil servant, also shared Okezia’s view, saying that a child’s behaviour was shaped by their family upbringing.
She said that if a child was not taught to love and respect others at home, an outsider would have little impact in correcting such a child.
Osita emphasised that parents should in still in their children the values of love and respect regardless of their status or background.
According to her, a child brought up with good values is less likely to misbehave well.
She cited the Holy Bible, saying, that says: “Train up a child in the way they should go, and when they are old, they will not depart from it’’.
Osita said that community parenting remained a vital aspect of Nigerian culture, promoting shared responsibility and resilience among families.
He opined that while modernisation posed challenges, blending traditional practices with modern strategies offered a promising path forward.
Observers say robust community connections are linked to better social-emotional development, academic achievement, and overall well-being for children.
They say that in modern society, amidst the digital world, economic instability, and busy work schedules, parents face pressures, making community support systems fundamental.
All in all, stakeholders are of the view that combining traditional community parenting with modern childcare – integrating technology, play-based learning, and skill acquisition – will produce well-rounded children.(NAN)
FEATURES
Victor Okoli: The Young Nigerian Tech Founder Building Digital Bridge Between Africa and America
Victor Chukwunonso Okoli, founder of Vnox Technology Inc. (USA) and Vnox Limited (Nigeria), is steadily emerging as one of the most promising new voices in global travel-tech. His mission is clear: bridge the technological gap between Africa and the United States, redefine global travel systems, and empower a new generation of skilled youths through innovation-driven opportunities.
In a statement issued in Onitsha, Anambra State, by Vnox Limited (Nigeria), the company emphasized Okoli’s growing influence as a Nigerian international graduate student contributing meaningfully to U.
S. innovation. His rising travel-technology platform, FlyVnox, currently valued at an estimated $1.7 million, is positioning itself as a competitive player in the global travel ecosystem.Okoli explained that Vnox Technology was founded to “train, empower more youths, create global employment opportunities, and drive business growth through our coming B2B portal inside the FlyVnox app.” The platform’s new B2B system aims to support travel agencies, entrepreneurs, and businesses across Africa and the diaspora—giving them access to modern tools, previously inaccessible technologies, and global opportunities.
Several young men and women are already employed under the expanding Vnox group, with more expected to join as the brand grows internationally.
Born and raised in Eastern Nigeria, Okoli’s early life exposed him to the realities and frustrations faced by international travelers and diaspora communities. After moving to the United States for graduate studies, he transformed those experiences into a bold technological vision—building systems that connect continents and create seamless mobility for users worldwide.
At the center of that vision is the FlyVnox app, a modern airline-ticketing platform built with global users in mind. Combining American engineering precision with African mobility realities, FlyVnox offers international flight search, multi-currency support, secure payments, transparent pricing, and a clean, intuitive interface.
Beyond FlyVnox, Okoli has built a growing tech ecosystem under Vnox Technology Inc., which oversees several innovative ventures, including: Vnox TravelTech Solutions LLC (FlyVnox App), VnoxPay (fintech), VnoxShop / Zyrlia (e-commerce)
VnoxID / Nexora (digital identity and smart business card solutions)
Vnox Limited (Nigeria) anchors African operations, media services, and talent development—ensuring the brand remains rooted in its home continent even as it grows globally.
Okoli’s work has broad significance for both Africa and the United States. He represents the powerful impact of immigrant entrepreneurship on global competitiveness—creating new jobs, driving innovation, strengthening U.S.–Africa commercial ties, and contributing to the development of practical, scalable technologies.
The statement concludes that Vnox Technology is a brand to watch. As FlyVnox gains international traction and the Vnox group expands its footprint, Victor Okoli stands as a symbol of a rising generation: African-born, globally minded, and building technologies that connect and serve the world.
Group Backs Tinubu, Urges Sule to Run for Senate
ShareFrom Abel Zwanke, Lafia The Chief Executive Officer of the Community Initiative for Character Moulding and Entrepreneurship Development (CiCMED) and...
Ooni Installs Oluremi Tinubu as Yeye Asiwaju Ile Oodua
ShareFrom Ayinde Akintade, Osogbo The Permanent Chairman, Southern Nigeria Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and Ooni of...
NYSC Presidential Honor Award Winner Returns to Benue, Shows Appreciations
ShareFrom Attah Ede, Makurdi An ex- corps member and a recipient of Presidential Honour Award, Udokpo Abasi, at the weekend...
NGO Launches Climate Project Steering Committee in Benue
ShareFrom Attah Ede, Makurdi A global Non-Governmental Organisation (NGO), International Alert has inaugurated Climate Project Steering Committee in Benue State,...
A silent Emergency: Soaring Costs of Diabetes Care Spark Alarm
ShareBy Folasade Akpan For Mrs Schola Effiong, a 58-year-old confidential secretary in Calabar, managing diabetes in today’s economy feels like...
World Bank, Partners Record Progress Toward 1.5bn Healthcare Goal
ShareThe World Bank Group, global partners and countries on Saturday announced continued progress toward the goal of delivering affordable and...
UN Commits to Strengthening Nigeria’s Policy Framework, Enhancing Digital Safety
ShareThe UN Women has reaffirmed its commitment to strengthening policy frameworks, enhancing digital safety, and promoting accountability for online harms...
Nightclub Fire in India’s Goa Kills 25 People
ShareA fire at a popular nightclub in India’s coastal region of Goa has killed 25 people, local officials say. Police...
Hong Kong votes in Election as City Mourns Deadly Fire
ShareHongkongers are voting in an election seen as a test of public sentiment following a deadly fire that angered some...
PDP Crisis: Wike Camp Moves to Conduct Fresh Congresses, Convention
ShareBy Laide Akinboade, Abuja The factional Board of Trustees (BoT) of the Nyesom Wike tendency in the Peoples Democratic Party...