Why We Must Give Chief Asiwaju Bola Ahmed Tinubu a Chance: The Economic Impact of Stability in Nigeria’s University System and Academic Calendar. PART TWO

Introduction

When the demand for foreign currency is driven primarily by essential imports, the value of the Naira can reasonably be left to market forces. But that’s not the case in Nigeria. Much of the pressure on our currency comes from parents exchanging Naira for dollars and pounds at whatever rate, not for business or trade, but to pay school fees abroad.

This is one of the core problems inherited by the current administration: a weakened university system that pushed families to seek education overseas, fueling demand for foreign currency and putting relentless strain on the Naira.

The Link Between Education and the Naira. Let's break it down.

The strength of the Naira is affected not just by demand for imported goods and services, but also by the high volume of Nigerians funding education abroad. Every time a parent sends money abroad for tuition, it increases the demand for foreign exchange and exacerbates the scarcity of hard currency at home.

That’s why I’ve consistently praised this administration’s efforts to stabilise Nigeria’s university system and restore the academic calendar. By constructively engaging with ASUU and avoiding prolonged strikes, the government has kept lecturers in classrooms and students in school. This isn’t just about education. It’s also an economic strategy for the long-term impact, which they might not be aware of.

Stemming Capital Flight Through Educational Stability

When our universities are stable and functioning well, there’s less urgency for parents to send their children abroad. That translates into reduced demand for foreign currency, which in turn helps relieve pressure on the Naira.

This is elementary economics: when demand outpaces supply, scarcity drives up prices. The same principle applies to foreign exchange. If Nigerians are scrambling to buy dollars and pounds at any cost, the Naira will continue to depreciate.

It may take two to three years before the full economic impact of these reforms becomes evident. But the trend is already taking shape.

I know many friends and relatives who recently sent their children overseas and had to make significant sacrifices just to secure forex at black market rates. These are funds that could have been invested in small businesses or used to stimulate local economic growth, if only the domestic education system had offered a reliable alternative.

A Balanced Perspective in Difficult Times

I understand that some of my guys and family members may find it difficult to accept my praise for the current administration while hunger and insecurity persist. But let me be clear: my position is not driven by political affiliation. I am writing these essays based on my understanding of the policies being implemented and the potential long-term benefits..

Yes, the challenges we face as a country are many. But amidst the noise, it’s important to recognise progress when it happens. With 2027 still two years away, we should not let political anxiety or political careerists dictate our judgment prematurely.

Conclusion

There’s no quid pro quo here or political favouritism. No one can pay me to share an opinion I don't hold. Just as I won’t stay silent in the face of oppression and tyranny, I won’t keep quiet when there’s evidence of meaningful economic progress.

Stabilising Nigeria’s university system is more than an academic achievement; it’s an economic intervention. One that may very well shape the future of our currency, our middle class, and our national confidence.

Let’s give credit where it is due, and more importantly, let’s give this administration a chance to see its vision through and its policies time to yield results. If you did not read part one of this essay, try and do so.

Thank you, and God bless Nigeria.

Barr Alex Ehi Aidaghese

May 22, 2025