During the week, we released the April 2018 Edition of the Proshare Confidential Report which took an in-depth look/study at the drug epidemic ravaging the nation (something that has gone on for some years now without an official acknowledgement of its severity); and engaging a critical focus on the nature of the drugs consumed, the supply ecosystem, the players i.e producing companies, distribution channels, regulators, medical practitioners, consumer watchdogs and civil society; the business of rehab that appears to be thriving though unregulated, best practice OTC drug abuse ramifications, the absence of a social public safety net, the factors responsible for the drug epidemic, and the conspiracy of silence while families are left to self-help with an attendant multiplier effect on sovereign productivity and revenue.
Key findings showed that the epidemic is hinged on cheap and affordable drugs easily sourced from OTC chemists and pharmacy having been supplied by NAFDAC approved companies without any concern or regulatory oversight on increased sales/growth without a major increase in symptoms or a basis for the consumption thereof.
Examples of the fast growing usage drugs include codeine, tramadol, and other related cough syrups.
While the rising level of poverty, underemployment, rising school dropout – all indicative of a mismatch of overpopulation and resources has inflamed the drug epidemic; the glaring absence of any institutional controls on the drug ecosystem seems to deliver a situation of helplessness. To date, there has been no co-ordinated action, pronouncement and directive from the health ministry on how citizens should act, respond and get involved.
The implication of this gap in leadership is evident in the free pass given to the economic beneficiaries of this “fast evolving culture”, the transaction flow of which is captured in bank accounts and a celebrity culture celebrated by citizens, elites and corporates alike –unconsciously or unknowingly.
The tragedy of this epidemic is made manifest through hot spots identified in states like Lagos, Kano, Adamawa, Borno and Kaduna for metion a few we were able to track available data on.
States like Edo, Delta, Jigawa, Taraba and Ondo remain the highest producers of cannabis/marijuana (something we believe they can turn around to maximize as an export revenue earner under a controlled environment as medical marijuana subject to changes in NDLEA and general drug law reviews given that the global community has since moved on and in the case of the US, adopted this product as an agricultural product in 2013….) while states like Jigawa and Katsina continue to experience a high rate of labor incarceration; related to this epidemic.
It is not only evident that action is needed but far much is needed than sound bites and tokenism from government; in the clear need to strengthen regulation (including a bold move at a wholesome review of the criminalization regime of items and list) followed by a conscious policy that bolsters best practice institutions and promotes collaborations among several agencies such as the National Agency for Food and Drug Administration and Control (NAFDAC) and the National Drug and Law Enforcement Agency (NDLEA) for starters; in a bid to ensure that citizen’s rights are respected, new opportunities are harnessed, controls are put in place, criminalization is reviewed to reduce the black market value of a nationally patronized product, medical insurance adjusted to provide support to rehab regulations and eliminate stigmatization amongst so many others while accepting the reality of anew world that requires innovation, creativity and an anchor on how we as a society want to proceed and engage.
News Post: The Silent Drug Epidemic: A Gathering Storm
Meanwhile, as the Nigerian Labour Congress (NLC) continues to clamour for a review in the present minimum wage, it has become evident that a more comprehensive policy that will enhance domestic productivity, foreign direct investment, improve human capital, bolster economic freedom, monitor population growth and boost infrastructure spending can best address the poor conditions of the labour force and provide a more rounded high base pay, which eventually repair’s the existing fracture.
Fig 1: Comparing Poverty among some selected Countries
It is important to note that eliminating poverty comes with great effort, policy persistence, time and prudence of social trust, unfortunately there are no short cuts to any of them.
Monday, May 7, 2018
The full financial result for MTN Nigeria will be released today, while Nestle Nigeria Plc, Pharma-Deko Plc, Berger Paints Plc, Consolidated Hallmark Insurance Plc and FBN Holdings Plc will be marked down by the NSE; having declared a dividend of N27.50, N0.05, N0.50, N0.02 and N0.25 respectively in the preceding week.
The Chairman/CEO of the Investment & Securities Tribunal, Mr. Siaka Isaiah Idoko-Akoh Esq and his management team will this day pay a courtesy visit to the Nigerian Stock Exchange.
The Open Government Partnership Week (#OpenGovWeek) commences today in
Abuja. The Nigeria
International Book Fair 2018 and
the 13th Lagos Motor Fair
equally kicks off this day in Lagos; just as the School of Media and Communication,
Pan-Atlantic University will commence its Executive Programme on the Business of Film for Film Producers this
What did we miss?
Tuesday, May 8, 2018
Caverton Offshore Support Group Plc will hold its Annual General Meeting today in Lagos, while Sterling Bank Plc presents its “Facts Behind the Figures” to capital market stakeholders at the Nigerian Stock Exchange.
The Chartered Institute of Taxation of Nigeria (CITN) will today commence its 20th
Annual Tax Conference with the theme “Institutionalizing
Tax-Paying Culture in a Developing Economy” in FCT, Abuja, while the 3rd
West Africa’s largest food and beverage exhibition commences on the
same day in Lagos.
The CIBN 2-day programme on "Building an Ethical Organisational Culture" will commence today, while the 2018 Emerging Political & Economic Leaders’ Summit themed "Audacity of Performance" - Presidential Aspirant Edition holds in Abuja, this Tuesday.
Wednesday, May 9, 2018
The Institute of Chartered Economists of Nigeria will this day commence its 2-Day Economic Summit on Repositioning the Nigerian Economy for Global Competitiveness in Lagos, while EY Nigeria will launch the Global Banking Outlook Report 2018 during a forum in Lagos.
The Cyber Secure Nigeria 2018 Conference with the theme “Mitigating Cyber Threats in the Digital Age” will commence on this day in Lagos, while the 4th Conference of Nigerian Women in Information Technology will equally kick off in Edo State on the same date.
Thursday, May 10, 2018
The National Bureau of Statistics is scheduled to release the Job Creation Report for Q1 – Q4, 2017 this day, while Infinity Trust Mortgage Bank Plc will be marked down on this day by the NSE.
The 4th Edition of AGRIMEX (Agribusiness MasterClass & Exhibition) will commence today in Abuja, while the Copyright Society of Nigeria Limited will hold its Annual General Meeting (AGM) this day in Lagos.
The Energy Institute Nigeria will host an Evening Session on Energy Financing in Lagos.
Friday, May 11, 2018
Jaiz Bank Plc will hold its Annual General Meeting in Lagos.
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