Psychiatrists and medical professionals have raised concerns over Nigeria’s growing mental health crisis, revealing that about 50 million Nigerians are currently living with mental health challenges, with over 75 per cent of them lacking access to professional care.
The experts made this known during a closing-gong ceremony held on the floor of the Nigerian Exchange (NGX) in Lagos on Friday to mark the 2025 World Mental Health Day, an annual global event observed on October 10 to raise awareness and promote advocacy for mental well-being.
Speaking at the event, the Medical Director and Psychiatrist-in-Chief at Pinnacle Medical Services, Dr. Maymunah Kadiri, described the Nigerian Exchange as the “heart of the nation’s economy,” noting that the high-pressure nature of financial trading exposes brokers and dealers to stress, anxiety, and burnout.
“When it comes to the Nigerian Stock Exchange, that is the heart of the nation’s economy. Over 75 per cent of individuals with mental health challenges do not have access to medical care,” Dr. Kadiri said.
“Financial or economic issues are some of the major triggers for mental health challenges. There are days when the market is bullish and days when it is bearish, and when things don’t go as expected, the psychological consequences can be serious.”
She warned that unmanaged stress in such workplaces could lead to mental fatigue, anxiety disorders, and depression, and urged traders to adopt healthier coping strategies.
“The issue of burnout, stress, anxiety, and depression can be common among them because it is a workplace. They must not only be mentally aware but take deliberate steps to ensure they remain mentally stable,” she added.
Dr. Kadiri also encouraged Nigerians to speak openly about mental health, reject stigma, and avoid substance abuse as a means of coping with stress, urging both individuals and organisations to invest in preventive mental health programmes.
Echoing her remarks, the Medical Director of the Federal Neuropsychiatric Hospital, Yaba, Dr. Olugbenga Owoeye, said the scale of mental health challenges in Nigeria had reached alarming levels.
“About 50 million Nigerians currently live with one form of mental health challenge or another,” he revealed. “Money is important, but the brain that makes the money is much more important. The mental health of Nigerians is as vital as the economy itself.”
Dr. Owoeye called for the establishment of Employee Assistance Programmes (EAPs) and workplace wellness initiatives within the NGX and other high-stress industries, noting that mental wellbeing should be treated as a key component of productivity.
“We are glad that the NGX received us, as this shows openness to the conversation. There is a need to establish structures that take mental health seriously,” he said.
He further stressed that while the Federal Government continues to make efforts to improve mental health services, private stakeholders and corporate organisations must also play a significant role in providing access to care.
Offering a legal perspective, the Chairman of Pinnacle Medical Services and a Senior Advocate of Nigeria (SAN), Yusuf Kadiri, urged the government to decriminalise attempted suicide, stressing that individuals who reached that point deserved medical help, not punishment.
“When someone attempts to take their life, that person should not be criminalised. Before anyone gets to that point, they have needed help, but help has not been forthcoming,” he said.
“I am in favour of reforming our laws to remove provisions in the Criminal and Penal Codes that criminalise attempted suicide.”
He called on families to pay closer attention to loved ones who may be struggling emotionally, noting that early intervention can prevent tragedy.
“We need not get to the point of suicide before intervening. In your homes, look around, check on your loved ones,” Kadiri added.
Speaking on behalf of the stockbrokers, David Adonri, Chief Executive Officer of Highcap Securities Limited, thanked the visiting psychiatrists for promoting mental health awareness on the Exchange floor.
“Our work can be extremely demanding,” he said. “We are grateful for this timely reminder that our well-being is just as important as the markets we move.”
The event underscored the increasing recognition of mental health as both a national development issue and a workplace productivity concern, with experts urging all Nigerians to prioritise their mental well-being.
Also speaking at the event, President, International Visitor Leadership Alumni Association of Nigeria, under the United States Mission in Nigeria, Mr Adedayo Oketola, emphasised that mental health must now be recognised as a national development and leadership priority, not just a medical concern.
“Mental health is the foundation of effective leadership, innovation, and national productivity,” Oketola said. “As we continue to build the next generation of Nigerian leaders, we must prioritise emotional intelligence, resilience, and mental well-being in our workplaces, schools, and institutions. Without mentally healthy people, we cannot have a healthy nation or a stable economy”.
