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
Again, Dangote Refinery Hikes Fuel Price
Dangote Refinery has increased the ex-depot price of petrol by N75, bringing the price up to N1,350 per litre from the previous price of N1,275.
This is the first fuel increase by the Refinery in the month of May.
READ ALSO:JUST IN: Dangote Refinery Reduces Petrol Price
This latest development is coming seven days after the refinery raised its ex-depot price from N1,200 to N1,275 per litre.
Recall that the refinery on April 29 increased the ex-depot price of petrol by N75.
Business
Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO
Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”
He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.
Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”
READ ALSO:BREAKING: Wike Picks Alabo George For Rivers Governorship
According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.
The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.
He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.
According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.
READ ALSO:Senatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.
“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.
“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.
“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”
When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”
Business
JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.
Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.
This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.
Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.
According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.
READ ALSO:Drivers Protest Fuel Increase, Raise Fares in Benin
However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.
This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.
Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.
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