Business
Naira Scarcity May Push Nigerians Into Depression, Suicide —Psychiatrist

A Professor of Psychiatry at the Department of Psychiatry, College of Medical Sciences, Ahmadu Bello University Zaria, Kaduna State, Taiwo Sheikh, has warned that the scarcity of the old and new naira notes will push many Nigerians into frustration and depression.
He also said the situation would worsen the cases of suicide in the country if the Federal Government fails to urgently address the problem.
Prof. Sheikh, who is the immediate past President of the Association of Psychiatry in Nigeria, said the situation if not checked will plunge a lot of Nigerians into mental health crises that will require hospital admission amid a scarcity of manpower and infrastructure.
Speaking in an exclusive interview with PUNCH HealthWise, the psychiatrist lamented that a lot of Nigerians are frustrated and distressed by the naira scarcity.
READ ALSO: Naira Scarcity: Zenith Bank Shuts Down Operation In Branches
He noted that Nigerians no longer enjoy optimum mental well-being as a result of recent happenings in the country including fuel scarcity.
The don said, “This scarcity of naira has already increased the rate of mental illness in the country. For an adult to strip himself naked in the bank is not normal. It is no longer what you consider to be normal.
“For people to be punching each other, carrying iron to be hitting one another in front of automated teller machines just to be able to get some money is not normal.
“These are evidence of frustration and when people are frustrated, there is a kind of transferred aggression. When you cannot face what is causing the frustration then you transfer the aggression elsewhere. Most of the time, you transfer it to others. The naira scarcity is generating a lot of frustration.”
Prof. Sheikh reiterated that if the situation is not checked, the country would have more people with mental disorders.
The professor warned, “If this distressing situation and the frustration is not checked, it will lead to mental illnesses that will increase the state of suicide in the country. There is no doubt about that, one thing leads to the other.
“People will develop depression and anxiety disorder. They will become psychotic, suicidal, and homicidal. People will attack others because of the transfer of aggression, and so many things.
READ ALSO: Riot In Ogun As Angry Youths Protest Naira, Fuel Scarcity
“For those who have mental illnesses already, their situation will worsen.”
According to the Association of Psychiatrists in Nigeria, more than 60 million Nigerians are suffering from mental illnesses, noting that only about 10 per cent of them can access appropriate care.
Prof. Sheikh clarified that mental well-being is not a mere absence of mental illness but the ability of an individual to cope with the day-to-day challenges of life without hurting another person.
“Now, when we say mental illness and we say optimum mental well-being, there is in-between that illness and mental well-being. That in-between is what we refer to as this period of distress and frustration.
“So, if you don’t handle such distressed situations very well, they can progress to clearcut mental illness. And if you can handle such a situation of distress adequately, then you can resolve it and then, your optimum well-being comes back. And you can face the challenges of life and move on. Situations like naira scarcity disrupt optimum mental well-being,” he said.
Giving insight into the importance of having optimum mental well-being, Prof. Sheikh said, “Your ability to have your aspiration without hurting another person and pursue it within the expected norms of socio-cultural setting and contribute to the development of your community.
“So, once a distressing situation like this comes in and you have to throw yourself naked in the banking hall, then your ability to cope has broken down. Then you are no longer enjoying optimum mental well-being.
“It does not mean you are sick at that time, but you are distressed enough not to enjoy optimum mental well-being anymore. If we can address your situation at that time, then you can reverse back to optimum mental well-being. But if we are not able to reverse your situation at that time, then you can go on to develop a frank mental illness that will require treatment and hospitalisation.”
According to him, the current situation in the country has shaken the optimum mental well-being of Nigerians and pushed many people towards distress and frustration.
“It has shaken them of that comfort zone of optimum mental well-being. They have shifted away from that comfort zone. Nigerians longer enjoy optimum mental well-being.
“So, we are struggling to cope and in our struggle to cope, we start throwing our anger at others and start showing abnormal behaviours.
“If the situation is not properly managed, then a lot of people will end up with mental illnesses that will require treatment.
“We are already on the edge. If it is not checked, then we are going to have more people with mental disorders,” the psychiatrist explained.
READ ALSO: 50% PoS Operators Close Shops Over Naira Scarcity
Prof. Sheikh urged the government to do things that will bring down the frustration in the land.
He said, “Government should do something very appropriate that will reduce suffering, frustration, and distress that people are going through.
“Government should make more money available to people to be able to have access to the basic needs of their lives.”
PUNCH
Business
French Media Giant Canal+ Takes Over S.Africa’s Multichoice

French media giant Canal+ said Monday it had taken effective control of South African television and streaming company MultiChoice, creating a group present in nearly 70 countries in Africa, Europe and Asia.
The companies said in a joint statement that the combined group will have a workforce of 17,000 employees and serve more than 40 million subscribers.
The acquisition is “the largest transaction ever undertaken” by Canal+, the statement said.
READ ALSOFrench Media Giant Acquires MultiChoice In $3bn Deal, Gains Full Control Of DStv, GOtv
Canal+, which is already the sector’s leader in French-speaking African countries, now controls what it described as the leader in the continent’s English- and Portuguese-speaking regions.
“This acquisition allows us to strengthen our position as a leader in Africa, one of the most dynamic pay-TV markets in the world,” Canal+ chief executive Maxime Saada said in the statement.
The buyout was given a final green light by South Africa’s competition authority in late July, more than a year after Canal+ launched its bid.
READ ALSO:FG To Arraign MultiChoice Chairman, MD, Others For Allegedly Breaching FCCP Act
Canal+ offered 125 rand ($7.2) per share for MultiChoice when it launched its offer last year, valuing the South African firm at around $3.0 billion.
Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers.
MultiChoice operates in 50 countries across sub-Saharan Africa and has 14.5 million subscribers.
It includes Africa’s premier sports broadcaster, SuperSport, and the DStv satellite television service.
AFP
Business
BREAKING: Nigeria’s GDP Grows By 4.23% In Q2 2025 – NBS

Nigeria’s Gross Domestic Product grew by 4.23 per cent (year-on-year) in the second quarter of 2025, the National Bureau of Statistics revealed in its Q2 2025 GDP Report.
According to the report released on Monday on its website, the figure shows a significant improvement compared to 3.48 per cent recorded in the second quarter of 2024 and the 3.13 per cent recorded in Q1 2025.
The figures signal a strengthening economy, driven by recent rebasing, rebound in oil production and a resilient non-oil sector.
READ ALSO: UK GDP Records Fastest Growth In Q1 2025
The report said, “Following the rebasing of the Gross Domestic Product using 2019 as the base year, previous quarterly GDP estimates were benchmarked to the rebased annual estimates to align the old series with the new rebased estimates
“This procedure provided a new quarterly GDP series, which is compared to the 2025 second quarter estimates. Gross Domestic Product grew by 4.23% (year-on-year) in real terms in the second quarter of 2025.
“This growth rate is higher than the 3.48 per cent recorded in the second quarter of 2024. During the quarter under review, agriculture grew by 2.82%, an improvement from the 2.60% recorded in the corresponding quarter of 2024.
READ ALSO: BREAKING: Nigeria’s GDP Grew By 3.46% In Q4 2023 — NBS
According to NBS, “The growth of the industry sector stood at 7.45% from 3.72% recorded in the second quarter of 2024, while the Services sector recorded a growth of 3.94% from 3.83% in the same quarter of 2024.”
The report said in terms of share of the GDP, “the Industry sector contributed more to the aggregate GDP in the second quarter of 2025 at 17.31% compared to the corresponding quarter of 2024 at 16.79%.”
It added, “In the quarter under review, aggregate GDP at basic price stood at N100,730,501.10 million in nominal terms. This performance is higher when compared to the second quarter of 2024, which recorded an aggregate GDP of N84,484,878.46 million, indicating a year-on-year nominal growth of 19.23%.”
Details later…
Business
Why Nigeria’s Crude Oil Production Dropped To 1.63mbpd In August – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that unscheduled maintenance at a refinery facility made Nigeria’s crude oil production drop on a month-on-month basis in August.
This comes as Nigeria’s crude oil production dropped to 1.63 million barrels per day month-on-month in August, down from 1.71 million bopd in July.
NUPRC disclosed this in its Crude Oil and Condensate Production for August 2025, released on Saturday.
This means a 4.7 per cent drop in combined crude oil and condensate production from 1.71 million bopd in July.
READ ALSO:Marketers Get Dangote’s Free Fuel Supply
In the same vein, crude oil production itself declined by 4.8 per cent, down from 1.5 million bopd in July 2025.
“The month-on-month drop was driven by a single-day unscheduled maintenance at an oil facility.
“In the month of August, the lowest and peak combined crude and condensate production were 1.59 million bopd and 1.85 million bopd, respectively,” NUPRC said.
The data showed that while there was a decline month-on-month, the country’s crude oil production rose on a year-on-year basis by 5.5 per cent to 1.63 mbpd in August this year from 1.58 million bopd in the same period last year.
READ ALSO:‘We Like Greek Gifts,’ Nigerians Blast NUPENG Over Dangote’s Fuel Price Reduction
Further analysis indicates that daily condensate production in August stood at 197,229 bpd, reflecting a decline.
Also, Nigeria’s crude oil output in August achieved 96 per cent of its OPEC quota, which is set at 1.5 million bopd.
Accordingly, in the period under review, Forcados Terminal topped the production charts, delivering a total of 8.99 million barrels, including 8.08 million barrels of crude oil and 915.2k barrels of condensates.
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