₦212 Billion and a Country That Doesn't Count Its Dead

₦212.8bn forfeited, food inflation 17.52%, stock market gains ₦390bn, floods worsen, births uncounted.

Good morning,

Five million babies are born in Nigeria every year. That is a lot of first cries, a lot of naming ceremonies, a lot of hope. But here is the thing that should give you pause: death registration remains below 20 percent. The National Population Commission says birth registration coverage now stands at 57 percent. We are counting the living, barely. We are not counting the dead at all. That is not a system. That is a gap. And until we close it, we are planning for a country we do not actually know.

While we fail to count our dead, the courts are counting the assets of a former Attorney General. A Federal High Court has ordered the final forfeiture of 48 properties valued at ₦212.8 billion linked to Abubakar Malami. The EFCC had presented 57 properties for final forfeiture. The judge held that Malami and others claiming ownership failed to prove lawful acquisition. The properties are in Abuja, Kano, Kebbi and Kaduna. This is one of the most significant asset forfeiture cases in Nigeria’s history. A former chief law officer is now linked to properties worth ₦212.8 billion. The question is whether this is a victory for justice or just another headline.

Inflation eased to 15.91 percent in June, down from 15.93 percent in May. That is the good news. The bad news is that food inflation accelerated to 17.52 percent. For a minimum-wage earner in Kano, that means fewer meals per week. For a family of five in Lagos, the weekly food budget buys significantly less than it did a year ago. The headline number is improving. The reality on the ground is not.

Meanwhile, the stock market gained ₦390 billion on July 15, the second consecutive day of bullish performance, pushing market capitalisation to ₦156.239 trillion. First Holdco led the gainers. The rally reflects growing investor confidence in the Nigerian economy. The winners are investors whose portfolios have grown. The losers are those who missed the rally and the Nigerian economy, which must sustain the momentum.

And then there is the flood. Scientists have concluded that the recent devastating floods in West Africa were intensified by global heating, with greenhouse gas emissions increasing the event’s intensity by 4 percent. Intense rainfall drenched coastal cities last month, overwhelming drainage systems. Nigeria is one of the most vulnerable countries to climate change. The floods are a warning of what is to come. The government has made some progress, but much more is needed.

Five million babies a year, but we do not count the dead. ₦212.8 billion in forfeited properties. Inflation easing but food prices rising. A stock market rallying. Floods getting worse. These are not separate stories. They are the same story: a country where we count the living but not the dead, where the powerful are held accountable only when it is too late, where the economy improves for some while others struggle to eat, and where the climate is changing faster than we are. The question is whether we will build systems that work, or simply wait for the next crisis, the next forfeiture, the next flood.

Think about that as you start your day.

Warmly,

Lolade