The naira weakened after efforts by the Central Bank of Nigeria to clear a backlog of matured foreign-exchange forward contracts left a number outstanding.

It slumped about 7% to 1,150 naira per dollar on the parallel market on Wednesday from 1,070 the previous day, according to Abubakar Mohammed, chief executive officer of Forward Marketing Bureau de Change Ltd.

That reversed naira strength last week after CBN announced it had cleared foreign-currency contracts with an unspecified number of banks.

The move was a key step targeted by the government to help stabilize the naira, which has fallen sharply since it reformed foreign-exchange controls earlier this year. The unit strengthened to 950 per dollar last week from 1,150 following the central bank’s dollar settlement.

Analysts said the amount of unsettled forward contracts remains substantial.

“The amount offset so far is only a fraction of what is outstanding, and most of the beneficiary banks are international banks,” investment bank FBNQuest said in a note to clients.

The naira also closed weaker in official trade at 870 per dollar on Tuesday, compared with 809 the previous day, according to FMDQ Group, a Lagos-based operator that tracks the data.

Airlines have a large backlog of unmet requests for dollars to repatriate income, but have not been supplied, said Kingsley Nwokoma, president of the Association of Foreign Airlines and Representatives in Nigeria.

The International Air Transport Association said in June that its members had more than $800 million stuck in Nigeria.

Finance Minister Wale Edun said last month that the government expects to attract $10 billion of inflows in the coming weeks to help clear the backlog, ease liquidity and stabilize the currency.

Bloomberg

Central Bank of Nigeria (CBN) says that all banknotes remain legal tender after reports of anxiety among some members of the public over the legality of old naira banknotes.

In a statement on Wednesday, Isa AbdulMumin, director, corporate communications, said the old naira notes should not be rejected, as they will be issued alongside redesigned banknotes in adequate quantities to banks for the benefit of their customers.

CBN said: “Our attention has again been drawn to reports of a scarcity of cash across some major cities in the country despite assurances of sufficient cash stocks in all locations across the country.”

“There have also been reports of anxiety among some members of the public over the legality or otherwise of old Naira banknotes.

“For the avoidance of doubt, while reiterating that there are sufficient banknotes across the country for all normal economic activity, we wish to state unambiguously that every banknote issued by the Central Bank of Nigeria (CBN) remains legal tender and should not be rejected by anyone, as stipulated in Section 20(5) of the CBN Act, 2007.”

CBN said its branches have been directed to continue to issue different denominations of old and redesigned banknotes in adequate quantities to banks for onward circulation to bank customers.

“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender,” the apex bank said.

“In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the Naira as a means of payment. Consequently, members of the public are advised to accept all CBN-issued banknotes currently in circulation and guard against panic withdrawals.

“We reaffirm that there is sufficient stock of curency notes to facilitate normal economic activities.”

CBN advised members of the public should continue to embrace alternative modes of payment to reduce the pressure on the use of physical cash.

The Cable

President Bola Tinubu has signed the second 2023 supplementary appropriation bill, totalling N2,176,791,286,033 into law.

The bill was recently passed by the National Assembly amid controversy over the provision for a presidential yacht by the Navy and over N6bn allocated for vehicles to the State House.

The signing took place during a brief event on Wednesday in his office at the Presidential Villa, Abuja.

The occasion was witnessed by President of the Senate, Godswill Akpabio; Speaker, House of Representatives, Tajudeen Abbas; Senate Leader, Opeyemi Bamidele; Chairman Senate Committee on Finance, Olamilekan Adeola; Chairman, House of Representatives Committee on Appropriation, Abubakar Kabir Abubakar; Secretary to the Government of the Federation, George Akume; Minister of Budget and Economic Planning, Atiku Bagudu and Chairman, Federal Inland Revenue Services, Zachs Adedeji.

Minister of Budget and Economic Planning, had announced after the federal cabinet meeting that the supplementary budget would be used to finance urgent issues including N605 billion for national defense and security.

According to him, “This is to sustain the gains made in security and these are funds that are needed by the security agencies before the year runs out.”

Bagudu said N300bn was also provided to repair bridges including Eko and Third Mainland bridges as well as construction, rehabilitation and maintenance of many roads nationwide before the return of the rainy season.

He added that N200bn was provisioned for seed, agricultural input, supplies, agricultural implements and infrastructure in order to support expansion of production.

The minister N210 billion was equally provided for the payment of six months’ provisional wage award as agreed during the negotiation with the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC).

He recalled that the federal government agreed to pay N35,000 each to about 1.5 million employees of the federal government.

According to him, the payment would cover September, October, November and December 2023.
Bagudu said N400bn was also approved as cash transfer payments.

“You may recall that the federal government secured $800m loan from the World Bank to pay cash transfers of N25,000 to 15 million households. The $800 million is for two months, October and November. The President graciously approved that an additional month should be funded by the federal government and that is what this N100bn is for,” he added.

The minister said N100bn had also been provided for the Federal Capital Territory (FCT) in order to support urgent and immediate capital expenditure works that could enhance the infrastructure in the city.
Bagudu said N18 billion was equally provided for the Independent National Electoral Commission (INEC) to support the conduct the coming elections in Bayelsa, Kogi and Imo states.

He said N5.5 billion was provided for the funding of the takeover of the student loans board as well as N8 billion for the take-off grant of new ministries.

The minister added that N200bn was provided as capital supplementation to deal with urgent requests that had been made to Mr. President from various parts of the country.

Daily Trust

A High Court of the Federal Capital Territory (FCT) has granted bail to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The court granted him bail after the Economic and Financial Crimes Commission (EFCC) complied with the order made on November 2.

In a ruling, Olukayode Adeniyi had directed the anti-graft agency to either release Emefiele, who had been in custody since June 9, or produce him in court for a bail decision.

However, at the resumed proceeding in the matter on Monday, the anti-graft agency failed to present the embattled former CBN governor.

But Adeniyi restated his directive, making it clear that the detained former CBN governor must be brought to court on Wednesday, November 8, for the purpose bail proceedings or for the EFCC to release him.

In his ruling after the EFCC produced Emefiele, Adeniyi ordered that he should be released to his counsel and must be produced in court when needed.

The presiding judge also ordered him to deposit all his travel documents with the court’s registrar.

On June 9, President Bola Tinubu suspended Emefiele and asked him to transfer his responsibilities to Folashodun Adebisi Shonubi, then deputy governor, operations directorate.

The day after, the Department of State Services (DSS), announced that Emefiele was in its custody for “some investigative reasons”.

In July, the President appointed a Special Investigator to probe the CBN and Related Entities.

The president named Jim Osayande Obazee, ex-Chief Executive Officer, Financial Reporting Council of Nigeria (FRCN), as the investigator.

The President asked the Special Investigator to investigate CBN and key Government Business Entities (GBEs). He also said Obazee would report directly to his office.

Emefiele resigned in August, paving the way for the appointment of new central bank governor Olayemi Cardoso in September.

Daily Trust

Afenifere, the pan-Yoruba socio-political group, has condemned the supreme court’s verdict affirming President Bola Tinubu’s victory in the February 25 election.

On October 26, the seven-member panel of the apex court in a unanimous decision dismissed the petitions of Peter Obi of the Labour Party (LP) and Atiku Abubakar of the Peoples Democratic Party (PDP) challenging Tinubu’s victory.

Afenifere in a communique issued by Ayo Adebanjo, leader of the group, on Tuesday, said the electoral reforms achieved through agitations of Nigerians and the billions of naira spent in the conduct of the 2023 elections have been wasted by the judgement of the apex court.

“Afenifere viewed with dismay, the recent judgment of the Supreme Court which ratified the brigandage with respect to particularly the Presidential Election,” the communique reads.

“Unfortunately, by the Supreme Court decision, the electoral reforms achieved through the agitations of Nigerians for quality control through technological devices and the billions of Naira spent on the infrastructures in that regard is now wasted.

“Afenifere observed the alarming resurgence of insecurity occasioned by the activities of armed cattle herders terrorising farmers, killing, maiming the people and raping women for which some of the host communities are no longer comfortable living with the killer guests.

“While Afenifere appreciates the constitutional rights of every Nigerian to live in any part of the country of his/her choice, it is important to stretch and ensure that such citizens live in peace with their hosts and respect their culture and economic prosperity.

“Afenifere reiterates our opposition to open grazing of animals and reaffirms preference for ranching as the world best practice of animal husbandry.

“No matter is better than now to consider that State Governments be allowed to play greater roles in the security of their states by establishing their internal policing mechanism.”

The group also faulted the purchase of sport utility vehicles (SUVs) worth N160 million for lawmakers in the national assembly.

“Afenifere refuses to appreciate the calls for more sacrifices from Nigerians by the government which members continue to maintain obscene and ostentatious lifestyles,” the group added.

“It is most preposterous that members of the National Assembly are approving for themselves vehicles worth N160 Million Naira each because of the deplorable state of the Nigerian roads as if the responsibility to fix the said roads rests with the tax players.

“The Executive is unable to convince the people of the need for a yacht worth billions of Naira beyond ostentatious living.

“The costs of fuel rises prohibitively and the exchange rates of Naira climbing astronomically without any verifiable economic policy.

“Afenifere remains committed to the ideals and principles of True Federalism.

“We are proud of our decision and efforts on the 2023 Presidential Election and remain convinced that it was the right step towards a united, secured and prosperous Nigeria and its continued corporate existence.”

The Cable

Israel-Hamas fighting heats up in Gaza City, accelerating the exodus of Palestinians to the south

Palestinians living in the heart of Gaza’s largest city said Wednesday they could see and hear Israeli ground forces closing in from multiple directions, accelerating the exodus of thousands of civilians as food and water become scarce and urban fighting between Israel and Hamas heats up.

The Israeli army has not given specifics on troop movements as it presses its ground assault, vowing to crush Hamas after its deadly Oct. 7 assault inside Israel. But residents said Israeli forces had moved into inner neighborhoods of Gaza City amid intense bombardment all around the surrounding north.

Clashes took place within a kilometer (0.6 miles) of the territory’s largest hospital, Shifa, which has become a focal point in the war.

The Israeli military says Hamas’ main command center is located in and under the hospital complex and that senior leaders of the group are hiding there, using the facility as a shield.

Hamas and hospital staff deny the claim and say the military is making a pretext to strike it.

For Palestinians in Gaza, the hospital is a symbol of civilian suffering in the war. Like others, it has been overwhelmed by a constant stream of wounded and struggling as electricity and medical supplies run out. Tens of thousands of displaced people have been sheltering in and around the complex.

The Group of Seven wealthy industrial nations issued a statement Wednesday condemning Hamas and supporting Israel’s right to self-defense. But the group also called for the “unimpeded” delivery of food, water, medicine and fuel, and for “humanitarian pauses” in the fighting.

Israeli Prime Minister Benjamin Netanyahu has left open the possibility of small pauses to deliver aid, but has ruled out a broader cease-fire unless some 240 hostages taken by Hamas are freed.

“There are no limitations” on how long the war will last, Benny Gantz, a member of Israel’s decision-making War Cabinet, said Wednesday.

Gantz acknowledged that Israel does not yet have a vision for the Gaza Strip should it succeed in destroying Hamas rule, but said it will include an Israeli security presence in the territory after the war — a point that echoed comments earlier in the week by Netanyahu, who said Israel would likely maintain security control of Gaza for an “indefinite period.”

The prime minister’s comments appear to have heightened U.S. concerns. On Wednesday, Secretary of State Antony Blinken called for a united and Palestinian-led government for Gaza and the West Bank after the war ends, as a move toward Palestinian statehood.

The U.S. and Israel agree that the Hamas militant group cannot return to its rule of the Gaza Strip. But none of the ideas that Israeli officials have raised for Gaza’s governance after the war have included independent Palestinian rule as a credible possibility.

Support for the war remains strong inside Israel, where the focus has been on the fate of the hostages.

ESCAPING THE NORTH

Over 70% of Gaza’s population of 2.3 million have already left their homes since the war began but the number fleeing the north has dramatically accelerated.

Throngs of people filled Salah al-Din Street, Gaza’s main highway leading south. They appeared to be in greater numbers than Tuesday, when the United Nations said about 15,000 people streamed southward — which in turn was triple the number the day before.

Families walked together, with men and women carrying young children or pushing older people on makeshift carts. Most had only a few belongings in backpacks. A few families rode on donkey carts, holding white flags as they approached Israeli tanks.

Israel extended the daily window for them to use the road to five hours.

Israeli forces advancing from the northwest along the Mediterranean coast have been clashing with fighters inside Shati refugee camp, a dense neighborhood adjacent to Gaza City’s center, two residents told The Associated Press. The past nights saw heavy bombardment of Shati, which houses Palestinian families who fled from, or were driven out of, what is now Israel during the 1948 war surrounding its establishment.

Other troops entered Gaza City’s Zeitoun district. One resident living near Shifa Hospital said he saw Israeli troops battling fighters on a street about 600 meters (yards) from the hospital.

“I’m hearing all kinds of horrible sounds. It is terrifying. There are intense airstrikes,” he said. Both residents spoke on condition of anonymity for fear of reprisals.

The Israeli army’s chief spokesperson, Rear Adm. Daniel Hagari, said Wednesday the ground forces were deepening the offensive into Gaza City. The army said it killed one of Hamas’ leading developers of rockets and other weapons, without saying where he was killed.

Israel is focusing its operations on the city, which was home to some 650,000 people before the war and where the military says Hamas has its central command and a labyrinth of tunnels.

Hundreds of thousands of Palestinians have heeded Israeli orders in recent weeks to flee south to get out of the way of the ground assault.

For tens of thousands believed to remain, desperation was increasing.

“We didn’t have food or drinking water. … They struck the bakeries. There is no life in Gaza,” said Abeer Akila, a woman fleeing south with her family.

The trickle of aid entering Gaza from the south is largely barred from going north, which has been without running water for weeks. The U.N. aid office said the last functioning bakeries shut down Tuesday for lack of fuel, water and flour. Hospitals running low on supplies are performing surgeries without anesthesia.

Al-Quds Hospital has become completely cut off after all roads around it were bombed, and has had to shut down most of its operations to ration fuel use. A convoy trying to bring medical supplies came under fire by Israeli forces and couldn’t reach it, the Palestinian Red Crescent said. More than 14,000 displaced people are sheltering at the hospital, and bread supplies have run out, it said.

Majed Haroun, a teacher who remains in Gaza City, said women and children who lost families go door to door begging for food.

“No words can describe what we are experiencing,” he said.

CONDITIONS IN THE SOUTH

The new arrivals from the north are squeezing into homes with extended family or in U.N. schools-turned-shelters where hundreds of thousands are taking refuge. At one, 600 people must share a single toilet, according to the U.N. office.

Israeli strikes have continued in the southern zone. On Wednesday, one hit a family house in the Nuseirat refugee camp, killing at least 18 people and wounding dozens of others, according to Iyad Abu Zaher, director of Al-Aqsa Martyrs Hospital, where the dead and wounded were brought. He said the toll could rise as medics and first responders searched the rubble.

Hundreds of trucks carrying aid have been allowed to enter Gaza from Egypt since Oct. 21.

But “there is an ocean of needs in Gaza right now, and what’s been getting in is a drop in the ocean. We need fuel, we need water, we need food, and we need medical supplies,” said Dominic Allen of the United Nations Population Fund, speaking from the West Bank.

A month of relentless bombardment in Gaza since the Hamas attack has killed more than 10,500 Palestinians — two-thirds of them women and minors, according to the Health Ministry in the Hamas-run territory. More than 2,300 others are believed to have been buried by strikes that in some cases have demolished entire city blocks.

Israeli officials say thousands of Palestinian militants have been killed, and blame civilian deaths on Hamas, accusing it of operating in residential areas. Gaza’s Health Ministry does not distinguish between civilians and combatants in its casualty reports.

More than 1,400 people have died in Israel since the start of the war, most of them civilians killed by Hamas militants during their incursion. Israel says 32 of its soldiers have been killed in Gaza since the ground offensive began, and Palestinian militants have continued to fire rockets into Israel on a daily basis.

The war has stoked wider tensions. Israel and Lebanon’s Hezbollah militant group have been trading fire along the border, and over 160 Palestinians have been killed in the Israeli-occupied West Bank since the war began, mainly during violent protests and gunbattles with Israeli forces during arrest raids. Some 250,000 Israelis have been forced to evacuate from communities along the borders with Gaza and Lebanon.

The U.S. launched an airstrike Wednesday on a weapons warehouse in eastern Syria used by Iranian-backed militias, the Pentagon said, in retaliation for what has been a growing number of attacks on bases housing U.S. troops in the region. This is the second time in less than two weeks that the U.S. has bombed facilities used by the militant groups.

U.S. officials say the groups, many operating under the umbrella of the Islamic Resistance in Iraq, have carried out at least 40 attacks since Oct. 17, the day a powerful explosion rocked a Gaza hospital, killing hundreds and triggering protests in a number of Muslim nations. Israel denied responsibility for the al-Ahli Hospital blast, and the U.S. has said its intelligence assessment found that Israel was not to blame.

AP

RUSSIAN PERSPECTIVE

Russian forces wipe out Ukrainian command post in Zaporozhye area over past day

Russian forces destroyed a Ukrainian army’s integrated command post in the Zaporozhye area over the past day in the special military operation in Ukraine, Russia’s Defense Ministry reported on Wednesday.

"An integrated command post of the Ukrainian army’s 10th army corps was destroyed near the settlement of Volnoandreyevka in the Zaporozhye Region," the ministry said in a statement.

"A radar station of an S-300 anti-aircraft missile system was destroyed near the settlement of Artsiz in the Odessa Region. Near the settlement of Serebryanka in the Donetsk People’s Republic, command posts of the Ukrainian army’s 67th mechanized brigade and the National Guard’s 31st brigade were eliminated," the ministry specified.

Russian forces repel two Ukrainian attacks in Kupyansk area over past day

Russian forces repelled two Ukrainian army attacks in the Kupyansk area over the past day, the ministry reported.

"In the Kupyansk direction, two attacks by assault groups of the Ukrainian army’s 54th mechanized brigade were repelled by active operations of units from the western battlegroup with the support of aircraft and artillery fire near the settlement of Timkovka in the Kharkov Region," the ministry said.

In areas near the settlements of Zagoruikovka in the Kharkov Region, Novoyegorovka and Stelmakhovka in the Lugansk People’s Republic, Russian forces inflicted damage on amassed manpower and military equipment of the Ukrainian army’s 38th mechanized and 68th jaeger brigades, destroying as many as 30 enemy troops, two armored combat vehicles and three motor vehicles, it said.

"In counter-battery fire, the following targets were destroyed: a US-made M114 howitzer, an Msta-B howitzer, a Gvozdika motorized artillery system and a D-44 field gun," the ministry reported.

Russian forces eliminate 60 Ukrainian troops in Krasny Liman area over past day

Russian forces inflicted damage on Ukrainian army units in the Krasny Liman area, eliminating roughly 60 enemy troops over the past day, the ministry reported.

"In the Krasny Liman direction, units of the battlegroup Center, army aircraft strikes and artillery fire inflicted damage on amassed manpower and equipment of the Ukrainian army’s 67th mechanized brigade and 125th territorial defense brigade near the settlements of Yampolovka and Serebryanka in the Donetsk People’s Republic," the ministry said.

The enemy’s losses in the Krasny Liman direction over the past 24 hours amounted to "60 personnel, two armored combat vehicles and two pickup trucks," the ministry specified.

Russian forces destroy 235 Ukrainian troops in Donetsk area over past day

Russian forces destroyed roughly 235 Ukrainian troops in the Donetsk area over the past day, the ministry reported.

"In the Donetsk direction, units of the southern battlegroup capitalizing on air strikes, artillery and heavy flamethrower fires inflicted damage on the personnel and equipment of the Ukrainian army’s 22nd, 54th and 93rd mechanized and 79th air assault brigades near the settlements of Maryinka, Kleshcheyevka, Andreyevka and Spornoye in the Donetsk People’s Republic," the ministry said.

The enemy’s losses in the Donetsk direction over the past 24 hours amounted to 235 Ukrainian personnel, three armored combat vehicles and four motor vehicles. In addition, Russian forces destroyed a Ukrainian Msta-B howitzer, a Gvozdika motorized artillery system and a D-30 artillery gun, the ministry specified.

Russian forces eliminate 145 Ukrainian troops in south Donetsk area over past day

Russian forces struck four Ukrainian army brigades in the south Donetsk area, eliminating roughly 145 enemy troops over the past day, the ministry reported.

"In the south Donetsk direction, units of the battlegroup East in interaction with army aircraft and artillery inflicted damage by firepower on the personnel and equipment of the Ukrainian army’s 79th air assault, 58th motorized infantry, 105th and 128th territorial defense brigades near the settlements of Novomikhailovka, Staromayorskoye and Urozhainoye in the Donetsk People’s Republic and Priyutnoye in the Zaporozhye Region. The enemy’s losses totaled as many as 145 personnel, two armored combat vehicles and seven motor vehicles," the ministry said.

In counter-battery fire, Russian forces destroyed a Polish-manufactured Krab self-propelled artillery gun, a UK-made FH70 howitzer and a D-20 howitzer. In addition, they obliterated an ammunition depot of the Ukrainian army’s 127th territorial defense brigade near the settlement of Bogatyr in the Donetsk People’s Republic, the ministry reported.

WESTERN PERSPECTIVE

Ukrainian forces hold line in shattered eastern town of Avdiivka -military

Russian forces, their numbers swelled by reserves, tightened their vise around the shattered eastern city of Avdiivka on Wednesday, but Ukrainian forces are holding defensive lines, Ukrainian military officials said.

The Russian military has focused on eastern Ukraine after failing to advance on Kyiv in the early days of Russia's February 2022 invasion and their troops have been pounding Avdiivka since mid-October.

Online videos show apartment buildings reduced to shells, with 1,500 of its 32,000 pre-war residents remaining.

Anton Kotsukon, spokesperson for the 110th separate mechanised brigade, said Russian forces were massed on three sides of the town.

"They are building up reserves. They've brought in about 40,000 men here along with ammunition of all calibres," Kotsukon told national television. "We see no sign of the Russians abandoning plans to encircle Avdiivka."

Russian forces, he said, were "playing cat and mouse", sending up "huge numbers" of drones while deploying artillery forces to secure a better picture of the town's defences.

General Oleksandr Tarnavskyi, head of Ukraine's southern group of forces, said troops around Avdiivka were "stoutly holding their defences".

Avdiivka has become a symbol of Ukrainian resistance. It was seized briefly in 2014 when Russian-backed separatists captured chunks of eastern Ukraine, but Ukrainian troops retook it and built up fortifications.

Local officials said the Russians were holding back on a "third wave" of assaults after a week of heavy rain.

"The third wave hasn't started yet, but they are preparing for it," Vitaliy Barabash, head of the town's military administration, told the national TV. "Today is already the second day when the weather is favourable for this."

Ukrainian forces regard Avdiivka as a gateway for future advances to recapture territory in the east - the large Russian-held town of Donetsk is 20 km away.

But Ukrainian analysts suggest Russia has little to gain in a protracted drive that has already sustained high losses.

"This task now has a more political nature, given the losses the Russian army has already suffered here," military analyst Denys Popovych told NV Radio. "Unfortunately, this task will continue. There will be a third wave of attacks. And a fourth."

Ukraine's military launched a counteroffensive in June in the south and east, but the advances have been much slower than a campaign last year that recaptured stretches of the northeast.

Russian accounts of the fighting noted strikes against Ukrainian positions near Bakhmut, a town captured by Moscow's forces in May after months of battles.

Reuters could not verify battlefield accounts from either side.

The news report that about 15 airports that gulped no less than N301bn altogether failed to meet an annual threshold of passenger traffic exemplifies Nigeria’s white elephant peculiarity that I call “concrete democracy.” It is a phenomenon where the supposed dividends of democracy are expressed through concrete infrastructure or facility divorced from perceptible ideological agenda or end goals but still exists—justifiably by its initiators, designers, and contractors—solely for its mere tangibility.

In Nigeria, concrete democracy manifests in the building of bridges, flyovers, foot bridges, airports, highways, stadia, public buildings, universities, public transport systems, all of which are of minimal productive value. While conspicuous (and even) imposing, such projects are unsustainable and should never have materialised. The major reason they exist is because they are made of literal concrete and their sturdy physicality gives the impression that democracy is paying off well in those material tokens.

Since 1999, some 15 airports built by state governments of Ogun, Bayelsa, Osun, Delta, Ebonyi, Akwa Ibom, Ekiti, Anambra, Abia, Yobe, Nasarawa, Kebbi, Edo, Gombe, and Jigawa have (expectedly) been underperforming. Despite the fancy tag of “cargo” or “international” added to their monikers to give them some functional weight, these facilities do not attract much traffic to justify the expense of building them. According to Director-General of the National Civil Aviation Authority, Musa Nuhu, these state airports put a massive burden on the agency that has to manage them with federal resources. Some are patronised only by executives who travel once or twice a week. He said, “An airport that needs N300m a month (to maintain) and they have just 1,000 passengers a month, there is no magic that can make them sustainable, and FAAN doesn’t have the money.”

In a country that produces virtually nothing and a huge chunk of our economy—including our leisure activities—is sustained by importation, it surprises no serious thinking person that these facilities barely function. How many of these states that built the airport generate enough revenue to even pay salaries? How many of the airport builders have demonstrated any sustained initiative to create means of income generation outside the oil revenue they go cap in hand to beg for every month in the Federal Capital Territory? If not for docile legislators who rubber-stamp every frivolity, such projects would never have happened.

Aside from Lagos (which generates 60 per cent of FAAN’s revenue), Abuja, and maybe Port Harcourt, most airports in Nigeria do not see as much traffic as even a small town in well-developed economies. That is because airports are about mobility within a productive economy where people and goods must be able to move so as to beat the logistics of space and time. In Nigeria where the major subsisting industry is politics, it is unsurprising that most of these useless airports only come into use when a self-important politician needs to travel. Even in the airports with supposedly high traffic, the number of flight delays routinely experienced is either proof that we just do not have as much traffic to fill up air slots, or we are a badly disorganised society, or both are true.

So, why do public officials spend so much money on these useless projects? Well, there are at least three reasons. One is that the concreteness of those facilities has a colossal spectacular value which, in Nigeria, translates to cumulative propaganda points. Our people do not have the patience for a democracy of ideas, ideology, concepts, and long-term planning. You lose an average Nigerian voter the moment you start with intangibles like human capital development. You must give them something to feel and touch like bridges, railways, and physical facilities. It is this obsession with the tangible that makes our society start new universities frequently without an attendant plan to produce enriching knowledge.

Not only must you produce something concrete, but you must also spend a humongous sum of money to inaugurate such a project to burnish the impression of faux progress. On inauguration day, you must invite dozens of traditional rulers (especially those with gaudy ornamentation who will lug their staff of office around to give a patina of seriousness to an otherwise mundane occasion), Christian and Muslim leaders (who will sanctify the vacuity), a bunch of uncritical scribblers who call themselves journalists, and these days, social influencers too. Your aides must tag you with puerile labels like “Working Willie,” “Performing Governor,” “Mr Project,” and other silliness your vanity can accommodate.

It is the allure of concreteness that made some Nigerians convince themselves that the person who “built” a megacity that still lacks basic amenities can also build the whole of Nigeria if voted as president. Unfortunately, what we call “city” in the part of the world that truly has them did not begin with the shiny skyscrapers. Unlike Nigeria, societies with actual cities first got the basics of human development right.

Another reason concrete democracy trumps meaningful initiatives is that the budgeting and contracting processes of these ostentatious projects make it far easier for public officials to syphon money. It is easier to convince legislators to let you budget $500m for an airport than to initiate a 25-year educational development programme that will develop generations.

One could rightly argue that if the point is merely about the grandiosity of the projects, why not at least invest in proper grand projects that function? How about schools with well-equipped laboratories and libraries, motorable roads, energy and water resources, public facilities, functional hospitals/community health centres, urban development, etc.? Why would any reasonable person build an airport that they know right from the outset will be underutilised? Why do it despite seeing the fate of existing ones?

And that brings me to a third reason: some of these projects were primarily designed to serve public officials’ interests. The only reason governors of the states that produce nothing or contribute little into the national wallet would build an airport is because the governor thought it would ease his movement from his state capital to the FCT where he spends a huge part of his time lobbying and toadying before idle minds like himself.

Concrete projects like that are thus mainly self-directed. They are for public officials who want to legitimately use public resources to build projects that will service them and theirs. That is why those projects are most unusable to the poverty-stricken people in their states. How many people in the whole of the 15 states that built these airports earn enough salaries to even buy a plane ticket? Yet, their governor built it. Why? Well, because he does not expect his constituents to ever use it. In fact, he would prefer them not to use the airport, so it remains exclusive to him and those for whom he built it. Such a project being unconnected to any larger economic plan regularly lies dormant until the day Oga lands in his private jet and takes off again. That is the whole point: using public resources for private ends.

All over Nigeria, projects like those 15 airports consume money without returns. Some would have at least found some use if they were maintained but the point of their existence was never about sustainability; they were merely a pipeline for drawing money and covering up the ideological emptiness of the project executors.

It will take a long time for Nigerians to reorient themselves to look beyond a democracy that delivers concretely and begin to demand meaning. Until that day comes, states should not be allowed to run individual agenda that does not fit into a larger national scheme of action. Unless they convincingly demonstrate the viability of those projects, they should not be approved. Such projects are a waste of scarce resources and those who executed them knew that much.

Punch

Can success really be determined from a coffee shop order?

Mary-Faith Martinez

Can you tell how successful someone is just from watching how quickly they place an order? One CEO is convinced that she can.

In a recent podcast interview, Codie Sanchez, CEO of Contrarian Thinking, shared a few controversial thoughts on people who hold up a line by taking a long time to order. “Show me how long it takes you to order at a counter, and I will show you your bank account,” she said.

Sanchez used the example of waiting behind someone in a coffee shop line as a metric for how successful a person is. She described waiting behind a woman who took “four centuries” to order her coffee, something Sanchez couldn’t understand.

“If we know we are here for a finite amount of time, why spend so much time on that as opposed to a walk, a sunset, etc.?” she asked.

Sanchez went one step further, suggesting that someone who takes a long time to make up their mind ordering is “really comfortable inconveniencing somebody else around them,” saying this could even suggest narcissism or a lack of self-awareness.

They’re not very efficient at the things that don’t really matter,” Sanchez added. “If you want to get something done, you give it to a busy person.” 

According to Sanchez’s line of thinking, someone who takes a long time to order when other people are waiting behind them is inconsiderate and possibly self-centered.

Additionally, Sanchez implied that this behavior is indicative of someone who is professionally unsuccessful because it shows they are slow to make decisions regarding small, inconsequential things, like a coffee order.

Sanchez is the CEO of Contrarian Thinking, a company that helps people learn how to smartly invest in businesses and increase their passive income. She began her professional life as a journalist covering human rights atrocities in Mexico.

During her time as a journalist, Sanchez realized what a big role economic equity played in the lives of the marginalized and decided she wanted to address that. At that point, she made the jump from journalism to finance and has since become a millionaire herself, now teaching others how to do the same.

Is fast decision-making actually a beneficial trait?

While decision-making is certainly an important part of business, an article from the Harvard Business Review suggested that it doesn’t work like we typically assume — or, at least, shouldn’t. 

Their research found that a leader who acts like making a decision is a one-time event is not as effective. That means making a quick decision is not always preferable. Sometimes, it pays off to take time to really consider the issue and take multiple points of view into account. 

When a video clip from Sanchez's interview made its way to TikTok, users had plenty of thoughts on her coffee shop theory.

Most seemed to agree with the Harvard Business Review’s assessment, with one person writing, “Just say you’re [impatient].” Another said that Sanchez herself “took forever to get to the point.”

Whether or not you find yourself annoyed by someone taking a long time to place an order, it is important to remember that one interaction is probably not representative of their overall ability to make decisions. Judging someone’s business savvy off of such a short moment seems absurdly unfair.

** Mary-Faith Martinez is a writer for YourTango who covers entertainment, news, and human interest topics.

YourTango

The leaderships of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have ordered their members to embark on a nationwide strike from November 14.

According to Channels TV, the leaderships of the labour bodies reached the resolution after an extraordinary national executive council (NEC) meeting held in Abuja on Tuesday.

The unions said nationwide mobilisation of members and allies have begun immediately.

The announcement comes days after Joe Ajaero, president of NLC, was reportedly picked up from the Imo council secretariat of the congress in Owerri by heavily armed police officers.

The NLC in a statement had said Ajaero was beaten and 

blindfolded immediately after he was arrested by security operatives.

The union said the phones and personal belongings taken from the NLC president have not been returned.

However, the Imo police command said Ajaero was not arrested but was taken into protective custody to avoid being lynched by a mob.

The police said the NLC president had a heated argument with some individuals who resisted the picketing of tthe Imo airport.

The National Human Rights Commission (NHRC) had condemned the attack on Ajaero.

Tony Ojukwu, executive secretary of NHRC, said perpetrators of the brutality on Ajaero must be held accountable to serve as a deterrent to others, adding that it is improper to forcefully arrest unarmed citizens.

The Cable