Ofor urges policy reforms, youth participation in economic

Nigeria's currency crisis and structural economic challenges are colliding at a critical moment. As the naira weakened to N1,383 per US dollar in April 2026—coinciding with a further erosion of external reserves—prominent business leaders are now sounding the alarm about the urgent need for policy reform, youth participation, and accelerated infrastructure development.

Dr. Darlington Ofor, founder of Orava Nigeria Limited, a marine logistics firm, has joined a growing chorus of private-sector voices demanding that policymakers move beyond crisis management toward long-term economic diversification. His call underscores a widening gap: while the Central Bank of Nigeria battles currency depreciation through reserves depletion, the real economy remains starved of investment in human capital and youth entrepreneurship.

## Why Is Youth Participation Missing from Nigeria's Economic Strategy?

Nigeria's demographic dividend—a population of over 220 million with a median age of 18—should be the nation's greatest economic asset. Yet policy frameworks continue to sideline young entrepreneurs and job-seekers. Infrastructure deficits in power, transport, and digital connectivity are the primary culprits. Without reliable electricity and broadband, even talented youth cannot launch competitive businesses. Current diversification efforts focus on oil alternatives (agriculture, tech, renewables), but lack the fiscal commitment to train and equip younger generations to lead these sectors. The result: brain drain, underemployment, and lost tax revenue.

## How Does Currency Weakness Amplify Infrastructure Costs?

The naira's slide to N1,383/$ has immediate implications for Nigeria's infrastructure ambitions. Import-heavy sectors—construction equipment, renewable energy components, industrial machinery—face higher input costs. A naira depreciation of 15–20% year-over-year effectively raises the price tag on critical projects. Foreign direct investment (FDI) dries up when currency instability creates unpredictable returns. Infrastructure financing becomes costlier as dollar-denominated debt service burden rises. Without policy intervention—particularly fiscal discipline, revenue diversification, and credible monetary frameworks—Nigeria risks a vicious cycle: weak currency → expensive infrastructure → delayed development → fewer jobs for youth → further capital flight.

## What Policy Reforms Are Actually Needed?

Ofor's advocacy points toward three non-negotiable areas:

**Economic Diversification Beyond Oil**: Nigeria must accelerate agricultural value chains, tourism, and digital services with tax incentives and export credit facilities. Current rhetoric lacks enforcement teeth.

**Infrastructure as Youth Employment**: Rather than top-down megaprojects, decentralized infrastructure (rural roads, last-mile broadband, water systems) can employ millions of young workers while building productive capacity.

**Reserve Management Transparency**: The Central Bank's reliance on reserves drawdowns to defend the naira is unsustainable. Nigeria must rebuild reserves through non-oil export growth—precisely what diversification promises.

At stake is not just currency stability, but social cohesion. Nigeria's 40 million unemployed youth represent both a fiscal burden and a security risk if left marginalized. Business leaders like Ofor recognize that policy reform is no longer optional—it is existential.

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