By Okeoghene Akubuike

As the economic hardship takes a toll on Nigerians, Clinical Psychologist, Adedotun Ajiboye has advised people to live within their means.

He also advised Nigerians to be their brothers’ keepers to avoid mental health issues.

Ajiboye who works with the Ekiti State University Teaching Hospital, Ado Ekiti, gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

NAN reports that the latest inflation data from the Nigerian Bureau of Statistics (NBS) shows a continuous increase in the prices of food items in the country leaving many Nigerians hungry and barely able to feed properly.

Ajiboye who is also a Counselor, said a bad economy could affect the mental health of a person and negatively impact their biological, psychological, and social status.

“There is a concept called Bio psychosocial and I will link a bad economy to this concept.

“This concept contains the biological, which includes your brain to different parts of your body.

“The second is the psychological, which has to do with your mental health and lastly the social, which has to do with your family, workplace, academics, and the status of an individual.’’

He said a bad economy could affect a person’s biological status.

” For instance, if the person is unable to eat because of lack of money. When an individual does not have money to eat, the biggest issue will be malnutrition.

“And the best medicine is not to use medication but to eat good food, that is having a balanced diet.

“ When you are not capable of buying the components that make up a balanced diet, there will be malnutrition and when someone is malnourished there will be a lot of diseases manifesting.

“These diseases will lead to other diseases that can lead to death. If someone has financial challenges the health of that person will be affected.’’

On how bad economy affects the psychological/emotional status, Ajiboye said studies had shown that it could affect a person’s mental health leading to anxiety and depression.

“ When you are malnourished and getting sick, the person is sad and what is bringing about that sadness? It is because the person is sick in their body.

“ You can see the spiral effect of the bad economy, initially it affects the biological status (the body)and it is now transferred to the psychological status.

“ When you know your children are hungry and you cannot feed them, it will make you sad and because of that you may not be able to sleep and when your sleep is lost, it can lead to a toxic disorder.

“Someone may begin to hallucinate because of insomnia (disruptions in how you feel or function because you are not sleeping well or sleeping enough) because of negative emotions and worrying about tomorrow.

“You begin to have thoughts of hopelessness when you cannot sleep and this leads to depression and can lead to suicide.’’

He said another effect of the bad economy on the psychological status of a person had to do with behaviour.

Ajibioye said many Nigerians were going into deviant behaviours, such as internet fraud popularly called “yahoo yahoo”, and gambling which had led to substance addiction such as marijuana, codeine, and tramadol use.

“All these are behaviours but it started with a mood disorder; someone is confused about life and wants to medicate and overcome the challenges.

“So that thought process has graduated to bad behavior and bad habits which has led to social vices like internet fraud, and theft. It can also lead to ritual killings and gender-based violence.

“A husband who does not have money may abuse the wife, not really because he wants to but we have what we call transfer of aggression.

“When you do not have money and you do not have self-control you will be angry. Therefore, if the economy is okay, some of these bad behaviours will not be seen.’’

The clinical psychologist said that poor economy could affect the social status of a person in the area of socialisation.

He said if a person could not afford to go beyond primary or secondary school education their skills and potential would be limited.

“Even if you have a talent, you may not be able to explore them; low self-esteem will set in and if that person marries, the person may not settle because there may be some inferiority feelings and transfer of aggression.

“We see a lot of divorce happening now and marital discord because of inferiority feelings caused by lack of socialisation.

“If you take 10 couples with marital issues and ask them the cause and they are sincere, their answer will be related to money, and financial difficulty.

“Apart from the family, a bad economy can affect a person in their workplace. Many dubious and fraudulent acts are going on in the workplace.

“The person gets involved in such acts of fraud because of fear of the unknown and thinks if they leave that position how will they feed their family; so they will steal because they have the opportunity.”

Ajiboye, however, said this was a bad approach to cope with financial stress caused by a bad economy.

“So we see the effects of a bad economy. It has a spiral effect; homes, workplaces, and even churches have been affected. You hear people stealing money in church.’’

He said some ways to address the effects of a bad economy on mental health was for people to be their brother’s keepers and live within their means.

“If the government is not helping us, we can help ourselves.

“Let us reduce our extravagant lifestyle, like buying expensive asoebi, and exotic cars. Such money can be used to create organisations that will employ and empower people.

“I am not saying we should not socialise but wisdom is profitable to direct. So what we followers are doing is also outrageous, there is what you call calculated risk that will lead to negative outcomes.

“For example, do not say because my friend put his kids in a private university, I must do the same. That would be a misplaced priority, cut your cloth according to your size

“As families and individuals, let us help ourselves not waiting for what the government will do for you. The government cannot do everything for you. Learn a skill so you can stand on your own.

Ajiboye urged the government to have conscience and do the needful, knowing there would be a payday and whatever you sow you would reap.

“Both leaders and followers can help our economy become good. You may never have poor mental health if you can manage yourself and live within your means.’’ (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams

By Salisu Sani-Idris

The Presidency has established the first ever Nigeria Philanthropy Office (NPO), a private sector-led coordinating office domiciled in the Office of the Vice President.

Mr Temitola Adekunle-Johnson, Senior Special Assistant to the President on MSMEs and Job Creation, Office of the Vice President, made this known in a statement on Sunday in Abuja.

He said that the Federal Government in collaboration with International philanthropic organisations and partners would raise 200 million dollars to create jobs and support the Micro, Small and Medium Enterprises (MSMEs).

Adekunle-Johnson explained that the funds raised would be invested in key programmes and projects that would create opportunities for employment across different target sectors.

This, according to him, will facilitate growth in the MSMEs space.

He stated that the office would facilitate high level philanthropic support and impact investment for the MSMEs targeted sectors that have job creation potential.

He noted that the mandate of the new office aligns with the job creation vision of President Bola Tinubu and the administration’s ongoing work in the MSMEs space.

Adekunle-Johnson said that the office would contribute towards achieving the Federal Government’s job creation goals by working with donors, impact investors, financial institutions, and foundations.

This will enable them to catalyse key interventions with potential for employing many Nigerians.

” The office will specifically focus on providing catalytic and non-catalytic support for existing and new entrepreneurs in the following sectors.

” Fashion entrepreneurs, irrigation Solution, Solar Panel Facilities, Agro Processing, Mechanised Industrial Facilities, Furniture entrepreneurs, Sustainable Agribusinesses, Renewable energy solutions.”

Adekunle-Johnson added the office would support the establishment of 12 Mega Hubs and shared office spaces across the country.

He disclosed that the Vice President Kashim Shettima has appointed an implementation committee for the office.

According to him, the committee consist of local and international philanthropic and impact investing organisations.

Others are the financial institutions and the Bank of Industry (BOI), NEXIM Bank, Wema Bank, Access Bank and the Nigeria Content Development Monitoring Board.

He said that Ms Thelma Ekiyor-Solanke will serve as the Chairperson of the NPO and the implementation committee.

He added that Ekiyor-Solanke has over 23 years experience working in the international development, philanthropy and impact investment sectors.

Adekunle-Johnson stated that she is the current Chairperson of SME.NG, member of Nigeria’s National Advisory Board on Impact Investing (NABII) and the Chairperson of the Centre for Analytics and Behavioural Change (CABC) in South Africa.

He also said that Ekiyor-Solanke has a law degree from the University of Buckingham, an MBA from Imperial College London and is currently completing a Doctorate at Cranfield University, UK.

Adekunle-Johnson revealed that the secretariat for the committee would be coordinated by the Senior Special Assistant to the President on MSMEs and Job Creation. (NAN)

Edited by Ekemini Ladejobi

By Okeoghene Akubuike

The Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, has reiterated the Federal Government’s commitment to digitise Nigeria’s statistical system.

Bagudu said this at the closing of the Pilot Phase of the Consumer Price Index (CPI) Digitisation Project in Abuja on Friday.

The News Agency of Nigeria reports that the project is a pilot initiative to digitise the monthly prices data collection to produce the Consumer Price Index (CPI) and it is supported by the United Nations Economic Commission for Africa(UNECA).

The minister said President Bola Tinubu was leading and appreciating the digitisation of government services.

“Not only will the NBS be supported to migrate from technical assistance and support from the UNECA but it will also be supported with the government’s processes to ensure it takes this further.

“Also for the NBS to leverage on other resources available in the ecosystem so they can make haste quickly.

“Computer-assisted price information gathering is very important, it enhances timeliness and equally and importantly integrity and ability to audit the information itself.

“Be assured of the government’s support. But take advantage of what is elsewhere in the governmental system. ”

He thanked UNECA for their support while appreciating the independence of the NBS with regard to methodology, timing, and process.

“We will be happy to see them all digitised in a way that both the domestic and international users of our data will have more confidence,” he said.

The Statistician-General of the Federation, Prince Adeyemi Adeniran, said in a global landscape characterised by economic uncertainties, the imperative for reliable and comprehensive price data could not be overstated.

“The digitisation of the CPI data collection in NBS introduced a new era of quality refinement and aligns perfectly well with our agenda at the bureau.

“Which is to enhance our technical operations, through the use of modern methods and techniques, as well as, adopting the latest standards and concepts throughout our data landscape.

“By automating this process for our most common and frequently produced indicator, we would have significantly reduced the potential for errors and inconsistencies, which are inherent in the manual process.

“This enhancement is not merely a technological convenience; it is a commitment to ensuring that the information upon which crucial economic decisions are made of the highest quality, providing a solid foundation for policy formulation.”

Adeniran said the initiative, with its automated checks and validations,
ensured a level of precision that was previously challenging to achieve through manual methods.

He said the result would be a CPI that mirrored the true fluctuations in market prices, empowering policymakers with the confidence to make decisions that resonate with the realities of Nigeria’s economic landscape.

“Our ongoing CPI rebasing, which involves the total reconstruction of the consumer basket of items and a digital updating of the list of market outlets across the country, will revolutionise our price statistics in Nigeria.”

In addition, he said the digitisation would allow for real-time entry and analysis of price statistics in the field, thereby enhancing the bureau’s ability to report the data faster.

“This will provide policymakers with the ability to respond swiftly to economic shifts and issues, enabling proactive decision-making that can mitigate the impact of inflation and engender sustainable economic growth, he said.

Anjana Dube, the Senior Regional Adviser, ECA, in his remarks, said the focus of the mission was the digitisation of CPI data collection with a special focus on introduction and orientation to the Computer Assisted Personal Interviewing (CAPI) software.

Dube said that the focus was also on capacity building of managers and data collectors to use mobile applications to collect CPI data and monitor and export CAPI CPI data.

He said the project which started in 2022, had three missions undertaken in Abuja, Lagos, and Port Harcourt and a total of 55 participants were trained.

Dr Ayo Anthony, Head Prices Statistics Division, NBS, said since the inception of NBS, the paper Assisted Personal Interviewing(PAPI) has been used for collection of price items consumed by households monthly.

Anthony said the PAPI had come with its own challenges which included the bulkiness of the papers, loss of data when transporting them to zones, high cost of printing, lack of storage space, delays and errors in data entry process.

He, however, said the transition of PAPI to CAPI was a step in the right direction and the transition to CAPI would be in April 2024.

“The CAPI is user-friendly, less cost and infrastructure requirements, real-time, monitors live data and visualisations and collects GPS, audio, video, image, and time stamps.

“Transmission of CPI data collection from PAPI to CAPI will enhance the compilation and the computation of CPI. Hence, we are eager to transmit immediately.”

Matthias Schmale, the United Nations Resident Coordinator, represented by Nonso Obiliki, Economist, Resident Coordinator’s Office, pledged to continue to support the NBS in their CPI and digitisation process.

Godstime Eigbiremolen, Word Bank Representative, said the role of the CPI could not be overemphasised, adding that the digitisation process would go a long way in ensuring the bureau achieved its mandate. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

By Lucy Ogalue

The Corporate Affairs Commission (CAC), says it will partner with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to boost Small and Medium Enterprises (SMEs) in the country.

The Registrar-General of CAC, Hussaini Magaji, said this when SMEDAN’s Director-General, Mr Charles Odii visited him on Friday in Abuja.

Magaji said the organisations were working to create about 10,000 jobs for Nigerian youths.

The CAC registrar-general expressed the Commission’s readiness to fully partner with SMEDAN to support the growth of small businesses in the country.

He commended Odii, saying his proposals and efforts were laudable and in tandem with President Bola Tinubu’s Renewed Hope Agenda.

Earlier, the SMEDAN boss said that a five billion-naira loan at single-digit interest had been secured from a Nigerian bank to support SMEs.

Odii requested support and collaboration with the CAC to actualise the project, which he said would be inaugurated in January 2024.

The News Agency of Nigeria (NAN) reports that the SMEDAN boss was accompanied on the visit by Dr Aishatu Kabir of KPMG.

She is expected to facilitate the actualisation of the project.

The project also focuses on increasing manufacturing output and export income, thereby, catalysing SMEs growth.

The SMEDAN and Sterling Bank had on Wednesday signed a Memorandum of Understanding (MoU) to provide N5 billion to support SMEs in the country. (NAN)

Edited by Ese E. Eniola Williams

By Nana Musa

The Comptroller-General of the Nigeria Customs Service (NCS), Mr Adewale Adeniyi, says reputation plays a key role in every aspect of human and national development.

Adeniyi said this on Thursday in Abuja, shortly after the Nigerian Institute of Public Relations (NIPR) unveiled him.as chairman of the Nigeria Reputation Management Group (NRMG) committee.

According to him, any individual, organisation, state or nation that wants to be taking seriously by its peers must make deliberate effort to promote the culture of “reputation consciousness”.

“Unfortunately, many African nations do not recognise the power of reputation in turning their economies around.

“ Though intangible in nature, reputation as a concept is so critical that if its components are properly understood, will position any country for greater value, global relevance and remarkable competitiveness.

“ I am delighted that this great idea of NRMG is a product of an institute which mandate revolves around reputation building and management,” he said.

Adeniyi said that the global perception of the country was poor and the impact of this was heavily felt in the nation’s economy.

“ I believe that a renewed commitment and deliberate effort to strengthening the country’s reputation will yield the right results.

“ May I assure the institute and our stakeholders across the nation that I will do my best to ensure that the objectives of this important initiative are achieved,” he said

He urged the Federal Government as well as the state governments to accord reputation matters priority attention.

“Every reputational error from individuals, organisations or government distorts development, and affects our global outlook and rating, thus retarding progress,” the C-G said.

Earlier, the President of NIPR, Dr Ike Neliaku said that the committee would correct the misrepresentation of the country.

Neliaku said that the committee members would be saddled with the responsibility of developing the context, create content and provide the strategy for the sustainable establishment of NRMG.

He said that they would also recommend vital social, economic and cultural activities that could be leveraged to boost the nation’s reputation

“Consider and recommend appropriate operational modalities including timelines for the take-off of NRMG in Nigeria

“The committee will also identify and recommend relevant partners and stakeholders to the NRMG project and advise on strategies for engaging them.d

” It will identify critical national assets, establishments, organisations and agencies of government which activities impact Nigeria’s national reputation, consider and recommend programmes to be undertaken by the NRMG when established,” he said.

He urged them to also organise and reconvene the annual Nigeria Reputation Summit in October each year from 2024, as a world-class, flagship event of NIPR to add value to government and citizens.

He advised members on ways and means of ensuring guided execution and well-coordinated implementation of outcomes of the annual Nigeria Reputation Summit. (NAN) (www.nannews.ng)

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Edited by Kadiri Abdulrahman/Ese E. Eniola Williams