The Naira redesign policy of the Federal Government and the Central Bank of Nigeria no doubt started out on a promising note, and not a few well-meaning Nigerians had ab initio been sentimentally attuned to the manifest objective of the policy which is to curb vote buying and electoral malpractices in the country.

However, issues that have emerged since the implementation of the policy have presented multidimensional cases for a critical reflection and interrogation of the logic of the policy and its general implications on the economy and distribution of wealth of the nation.

To start with, it is no brainer that a sustainable monetary policy must above all things be predicated on economic laws, specifically the relationship between demand and supply. However, where a monetary policy is politically driven or is anchored on issues outside the shores of economic relations, economic resistance is likely to erupt, leading to upheavals or what sociologists refer to as anomie or moral crisis within the economy. This is because the economy is the fulcrum of human survival, social order and nation’s wealth.

The forgoing was based on the thought of Karl Marx in his historical materialism where he propositioned that the economic infrastructure determines the superstructures of society. Superstructure as used by Karl Marx refers to all social institutions other than the economy. According to the German social philosopher and father of conflict (dialectic) sociology, the superstructure provides support systems through policies, values, morals and laws etc towards driving the economic relations and distribution of wealth within society.

In recent developments in Nigeria, we have seen how the implementation of the Naira redesign policy has adversely impacted economic activities and social order in the country due to misplaced priority or, better say, misdirection of purpose of the policy.

Orienting monetary policy towards gaining political points by all means has its economic cost which in the case of Nigeria has been a serious disturbance to the velocity of Naira. Moreover, for a nation that has yet to be technologically mature for cashless economy, whimsically mopping cash out of circulation has a strong likelihood to instigate social crisis and anomie.

In that light, many Nigerians have been hard pressed due to difficulty in accessing and delivering cash to enable them go about their normal economic lives. Consequently, that has degenerated into riots or chaos in many parts of the country.

Another way to interrogate the logic and potency of the naira redesign policy beyond its sociological and societal implications is its sustainability. Since the policy is chiefly anchored on curbing vote buying and electoral malpractices in the country, the question to be answered is this: Would the policy be replicated or be made into law to be effected at every four years of the elections period?

The largest financial institution in Nigeria is not a bank. That startup can buy the two largest banks in Nigeria and still have change. The one which comes after it processes US$12 billion monthly. From financial services to logistics, Nigeria’s largest logistics startup can buy the top five traditional logistics firms conveniently. This redesign cuts across industrial sectors and domains. While it takes decades for some financial institutions to hit one million users, Tekedia Capital portfolio startup, Touch and Pay, did from 1,000 users to 3 million users in three years.

Good People, by 2030, I expect 80% of the richest Nigerians to have made money from technology. Nigeria is having its finest cambrian moment on the formation of enduring companies. The last time we were this bold, on entrepreneurial capitalism, was in the early 1990s when some of Nigeria’s current  leading banks were established. 

The 1990s gave us the new generation banks. The 2000s brought voice telephony. The 2010s ushered mobile internet. The 2020s would deliver the era of application utility across industry sectors and market territories.  

We will see software systems change the ordinance of markets by “eating” frictions along the way. From education to healthcare, from financial services to logistics, and beyond, it would be exciting. The empires of the future are being built. That was the reason I founded Tekedia Capital and today we hold positions in dozens of companies. 

As exits begin to happen from 2026 looking at the curve, a new generation of business leaders will emerge in Nigeria. In the next coming weeks, we will open the next cycle of Tekedia Capital Syndicate; I invite you to come and learn about the companies I am investing in. We invest $$millions yearly to seed and empower these builders, innovators and category-king agents.

We’re making it easier for citizens, groups, investment clubs, companies, organizations, etc to own a piece of early-stage, high-growth technology startups operating across Africa.

Our opportunity antenna and grassroot connections with innovators enable us to see patterns as they develop. We invite you to partner with us as we nurture and build category-king companies in Africa and beyond, and in the process advance citizens, communities and nations.

At Tekedia Capital, we fund the foundations of the NEXT African economy through entrepreneurial capitalism. A  membership fee which covers 4 investment cycles (we typically do 2-3 cyclers every 12 months)  of $1,000 or Naira equivalent IS REQUIRED; click and join today.