March 22 each year, World Water Day is being commemorated. The international World Water Day is held annually across the globe as a means of focusing attention on the importance of freshwater and advocating for the sustainable management of freshwater resources.

The theme of World Water Day 2022 is “Groundwater: Making the Invisible Visible”. The theme aims to highlight how important groundwater is to our environment.

Water is a clear, colourless and transparent liquid that has no taste or smell, and that is required for the survival of all plant and animal lives. In the same vein, a large amount or area of either natural or manmade water such as lake, pond, pool, river, sea, ocean, and so on, can be referred to as water or waters.

Water, which is as old as the world, is consumed as food by both animals and humans, and it is also required in various fields of endeavour or human activities including, farming, cooking, manufacturing, sports, bath, hand washing, brushing of teeth, laundry, sanitation cum other forms of domestic and environmental activities, just to mention but a few.

The functions of water in the body ranging from cell life, to chemical and metabolic reactions, transport of nutrients, body temperature regulation, elimination of waste or toxic substances, among others, are numerous and innumerable.

Water is a carrier that distributes essential nutrients such as minerals, vitamins and glucose, to cells. Furthermore, it removes waste products including toxins rejected by the cells through urines, sweats and faeces. It also participates in the biochemical breakdown of whatever we consume.

Inter alia, water has a large heat capacity which helps to limit changes in body temperature in a warm or a cold environment. It allows the body to release heat when ambient temperature is higher than body temperature. Most importantly, water is an effective lubricant around joints; it also acts as a shock absorber for eyes, brain, spinal cord, and even for the fetus through amniotic fluid.

Water is indeed at the centre of life. This is why nobody can live more than three to five days without any water intake. It suffices to say that its role in the body is not just important, but inevitable. It has succeeded in proving to mankind that it is the most important form of food among the six classes of food in existence.

Considering the agricultural sector; the absence of water would simply cripple the entire activity in the aforementioned area thereby terminating the lives of crops or livestock, as the case may be. Same is obtainable in the manufacturing industry, like the pharmaceutical firms, bakery and breweries, that requires water as one of the basic raw-materials for its day-to-day activities.

The positive impact of water on cooking and other household cum industrial works, is another factor that cannot be taken for granted whenever the societal importance of water is discussed. It’s noteworthy that without water, most other forms of food or diet would not be prepared or provided.

On the other hand, swimming, which is one of the most lucrative kinds of sporting activities in recent times, wouldn’t have been founded if water was not obtainable.

As it is widely noted that the significance of water to mankind cannot be overemphasized, it is also worthy to note that intake of dirty or impure water remains one of the primary causes of several diseases or infections such as, typhoid, diarrhea, cholera, dysentery, staphylococcus and other sexually transmitted diseases, experienced across the globe.

Without mincing words, statistics show that over sixty percent (60%) of death rate recently is attributed to consumption of unclean water as well as residing in an unsafe environment. We shouldn’t forget that accommodating dirty stagnant water such as gutters, pools, et cetera, in our environments or vicinities attracts mosquitoes, which remains the sole cause of a killer disease known as malaria.

According to the United Nations (UN) findings, 768 million people worldwide lack access to improved water sources while 2.5 billion persons have no improved sanitation.

As the global community commemorates the 2022 World Water Day, all relevant stakeholders and the civil society are urged to pledge to develop the policies needed to ensure that sustainable water and energy are secured for the many and not just the few as it is presently the case in Nigeria and other developing nations. In this regard, they should ensure that their respective communities are provided with adequate and safe water sources.

On their part, the various ministries of Water Resources and their Environment counterparts across the federation, ought to ensure that adequate and reliable boreholes are sunk in every community that is related to them and also endeavour to sponsor series of radio/television jingles to sensitize the populace on the unavoidable role of clean water as well as safe environment. The various Water Corporations are also expected to live up to the expectations.

Similarly, there’s equally an urgent need to monitor borehole drilling by residents in various quarters with a view to avoiding any future manmade disaster such as earthquake or what have you. People must be made to understand that improper sinking of boreholes, among other related activities, poses environmental threat to the affected dwellers.

Among all, the National Agency for Food and Drug Administration and Control (NAFDAC) ought to, from time to time, endeavour to checkmate the activities of the various registered water companies. Also, it should not hesitate to sanction or close down any one that is set up illicitly.

Most importantly, in our individual capacities, we ought to endeavour to properly boil any water we intend to drink, and also adequately sanitize any stagnant pool of water within our surroundings as well as fumigate the said environments when necessary.

This action will guarantee purity and thorough sanitary, thereby boasting the safety and well-being of our bodies. To be forewarned is to be forearmed.

The Central Bank of Nigeria (CBN), during the Monetary Policy Committee (MPC) meeting held on Monday, in Abuja, resolved to retain the Monetary Policy Rate (MPR) at 11.5% with the asymmetric corridor of +100/-700 basis points around the MPR, ThisDay reports.

MPR is the rate at which the CBN lends to commercial banks and it often determines the cost of borrowing in the economy.

The MPC also voted to maintain CRR at 27.5 percent as well as the Liquidity Ratio at 30 per cent.

The CBN governor said six out of the 10 MPC members present voted to retain monetary parameters, adding that while loosening could trigger liquidity surfeit in the system, a tightening stance would impact the fragile recovery of the economy, reverse credit expansion and yet, fall short of taming inflation.

Emefiele, who read the committee’s communiqué, lamented about the impact of rising oil prices and the current fuel scarcity rocking the nation, which he acknowledged has compounded Nigeria’s economic struggle.

He said the unprecedented rate of oil theft recorded in recent times has debilitating effect on government revenue and accretion to reserves, echoing the lamentations of other notable Nigerians such as the co-founder and former Chief Executive Officer of Seplat Energy Plc, Mr. Austin Avuru, and Chairman Heirs Holdings, Mr. Tony Elumelu, who decried the alarming rate of oil theft in the country.

The CBN also expressed optimism that in the medium term, the proposed take-off of the Dangote refinery this year, would help to improve the supply of petroleum products in the country.

Emefiele said the CBN remained optimistic that food prices would trend downwards in 2022 as security agencies sustain efforts to subdue the activities of bandits so as to allow farmers back to their farmers.

“And now what we are saying is that if farmers are able to access their farms, do they have the wherewithal to procure the inputs, seeds, fertilizer and other inputs with which they can go back to the farm and farm? We are making all those available. And that is why we still remain reasonably optimistic that food prices would moderate in 2022,” he said.

He said the MPC further noted with concern the effect, which the global price increase in petroleum and other products was having on all economies. He pointed out that this had resulted in imported inflation on the Nigerian economy.

The committee believed that specific actions were required to ensure that the trend did not continue, given the adverse consequences and aggressive rising price level could have on the cost of living and purchasing power of Nigerians.

Emefiele noted that before the Russia-Ukraine war, the MPC was optimistic that the moderate decline in inflation was sustainable due to the positive impact of good harvest on price levels. But it expressed worry that, whereas global prices had gone up, this had been compounded by the shortage of supply of petroleum products.

He added that the rising price of diesel had been compounded by the inadequate electricity supply, which has adversely impacted domestic prices.

The MPC, however, advised the CBN and the fiscal authorities to take specific and urgent actions to avoid many power generating stations shutdown for turn-around maintenance, resulting in the current unwarranted shutdown of generating assets.

The CBN said the committee was, nonetheless, relieved that food inflation declined marginally due to good harvest.

“Although some scarcity is expected as we approach the planting season, the committee is optimistic that with the high level of strategic grain reserves of the CBN, it is relieved that food prices would remain relatively moderated,” Emefiele added.

The committee further advised the apex bank to redouble its development finance initiatives aimed at boosting domestic food output, which would help in moderating food inflation going forward, thereby moderating headline inflation.

On the global scene, the committee noted with concern the recent heightening of uncertainties confronting the recovery of the global economy as the Russia-Ukraine conflict and numerous sanctions against Russia, introduced a new dimension of risk to the tepid recovery of the global economy.

Among other things, the committee took into cognizance the lingering headwinds associated with the COVID-19 pandemic and global supply chain constraints, rising inflationary pressure, and more recently, the progression of an interest rate hike by the US Federal Reserve Bank and Bank of England (BOE).

Members noted that the on-going war and the resultant sanctions against Russia will continue to have a considerable impact on the global supply chain as both countries are major players in the global commodities market.

Emefiele said global financial conditions were thus expected to tighten in the short-term as the investment horizon gradually becomes clearer, adding that this is expected to impact capital flows to emerging market economies as risk-averse portfolio investors adopt a wait-and-see approach.

He said the risks to the overall recovery of the global economy remained heightened and called for cautious policy maneuvering to avoid a sharp downturn, such as experienced in 2020.