Business
Economist Prof. Ajibola Criticizes Hunger Protests for Economic Disruption
Professor Segun Ajibola, a distinguished economist and former President and Chairman of the Council of the Chartered Institute of Bankers, has criticized the ongoing hunger protests in Nigeria, stating that they have severely disrupted the economy and resulted in widespread losses for everyone involved.
According to Prof. Ajibola, the informal sector, which constitutes approximately 45 percent of Nigeria’s economy, has been particularly affected.
Disruptions to both human and vehicular movement have had a detrimental impact on operators within this sector, especially those running micro, small, and medium enterprises.
He highlighted that individuals in areas where curfews have been imposed, such as roadside mechanics, barbers, hairdressers, vulcanizers, market vendors, artisans, hawkers, and laborers, are experiencing significant hardships.
These individuals rely on daily activities for their livelihood and are particularly vulnerable when public protests impede their ability to work.
Prof. Ajibola emphasized that such large-scale protests disrupt economic activities and leave lasting scars on the economy.
The resulting challenges extend beyond individual losses, affecting the overall economic health and productivity at both personal and corporate levels.
He urged that dialogue and roundtable discussions are preferable to violent protests, which constrain economic activities and exacerbate the negative impact on the economy.
The protests, which began last Thursday under the banner of #EndBadGovernance, have escalated into violence in several northern states, including Plateau, Kaduna, and Kano.
This escalation has led to curfews being imposed, resulting in additional loss of lives and property. The protesters are demanding an end to the high cost of living in Nigeria.
Hamster Kombat has introduced a new anti-cheating strategy to ensure fair play and protect dedicated players. The initiative targets those attempting to manipulate the game for extra benefits, issuing a “cheating is bad” warning that could affect their positions for the airdrop distribution on September 26. The team emphasized the importance of rewarding honest players and creating a secure environment.
As Season 1 of the Telegram-based Web3 game ends on September 20, Hamster Kombat will take a snapshot of the game’s activities to determine airdrop eligibility. The game, which has over 300 million users, is focused on maintaining fairness ahead of its upcoming Season 2 launch.
Binance announced the upcoming launch of “Moonbix,” a play-to-earn (P2E) game on Telegram’s Mini App. In this game, players explore galaxies, collect items, and earn crypto rewards. Although the game leaked early, Binance is fine-tuning it for an official release and warned users to stay cautious of impersonation scams.
Telegram Mini Apps, introduced in 2023, have seen massive engagement, with popular apps like Hamster Kombat driving crypto adoption. Telegram’s integration with The Open Network (TON) has further contributed to this growth.
The Federal Government generated around $1.2 billion from telecom license fees during the early stages of mobile technology in Nigeria, with major operators like MTN, Globacom, Econet (now Airtel), and Etisalat (now 9mobile) contributing to the sum.
These fees were instrumental in laying the foundation for the country’s telecom industry, which officially began in 2000.
The sector has since become a key driver of Nigeria’s economic growth.
Former President Olusegun Obasanjo highlighted this achievement during a book launch held in Lagos on Tuesday.
He reflected on how the licensing of these operators marked a pivotal moment in Nigeria’s technological and economic development, allowing the country to leap into the era of mobile communication.
Obasanjo acknowledged the critical role these funds played in shaping the telecom industry, which has become one of the most significant sectors in the nation’s economy today.
The successful auction of these telecom licenses provided the capital necessary to build the infrastructure and networks that have connected millions of Nigerians, driving economic activity and fostering innovation across various industries.
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